Ann: Extension of Voluntary Suspension, page-233

I think this scenario, or something adjacent, is the most likely positive case. Not necessarily that the announcement has morphed or that commercial concerns have been added, but rather that the commercial side has pushed back the release of the update, which nevertheless remains a technical update as no firm commercial information can be announced.

I don't imagine it would be good for SH to accept a bid without releasing details on the product unless the product was not ultimately that good and we're lucky to get any bid at all, so I doubt there is some firm transaction hiding in this. 4DS would only benefit from releasing good tech specs to the market.

The neutral case for me, and I do consider this rather strong, is that they want to release a more comprehensive technical update before the AGM so there's something to talk about (and they can play up the SP just in case a CR is eventually needed), but external approvals are pushing it back.

The negative case would be one of a zillion blindsides, which is just the price of play. If it weren't a blindside, it would've been priced in by now. I hope it's not and I don't have a fire sale strategy because it's just too dismal to think about.