The way I read this is that HTG were expecting to ink a deal or...

The way I read this is that HTG were expecting to ink a deal or two in time to make the issue successful. With the end of year timing perhaps things got pushed out and they are still working through detail.

just a guess of course.

Also, if the above was the case, would that preclude the directors taking part in the raise? I'm not sure of the regulations in that regard.

It was beginning to look like we wouldn't have news prior to the close of the entitlement offer, now I am leaning towards thinking we will get some news.