Ann: GBP 1.4m R&D Rebate Received - Convertible Loan Agreement, page-79

The fact that SAS don't answer your questions with ASX announcements pretty much answers your questions. The exact details? Who knows?

But this is what I reckon is the most likely state of things:

* SAS came up short. As they probably had a buffer in the $15m to cater for coming up a little short, they probably came up more than a little short.

* Whoever pledged money almost certainly pledged it on the condition that SAS get all the funds before they get any of the funds.

* SAS are trying to find whatever last commitments they need to close the deal and they will keep trying until they close it or the clock runs out in Jan/Feb. Trying overseas? On shore? Who knows.


What does the future hold? Well unless there is a surprise announcement that it's all come good (which could happen and I stay hopeful for), then I think they go out of business. If they do somehow find investors then I think this will have a 5:1 consolidation before the end of the year, not that that affects equity, it just reduces the outstanding shares to reasonable number.

My big question is why they were never able to get industry investment. I thought for sure they would be able to scrape up a bit of spare innovation cash which is always looking for some place to be spent. They fact that they are still looking for essentially individuals' money has me stumped, to be honest.