Settlement refers to the money changing hands - not shares being...

Settlement refers to the money changing hands - not shares being issued. As it currently stands the money has been received for stage 1 so IVZ issued the shares within their current placement capacity. They have NOT issued the options yet because they need shareholder approval. But fundamentally the company has received the money even though all conditions have not yet been met. Though this was at least a month later than originally stated. A company can still receive money pending shareholder approval to issue the shares. Hence I viewed the settlement dates as when IVZ was expecting to receive the money. Yet they're now saying they may not get the cash until November for the last tranche. By then we'll have probably burned another 7-8 million based on the last quarterly which is half of the total raise gone. My view is they arent signing up to starting any work any because mutapa are being very slow with stumping up the cash. IVZ could have called the EGM at any point in the last month and a half to approve the additional shares if they were the sticking point on getting the cash.