Ann: Operational Evaluation Agreement signed with Globalsat Group, page-30

It's the price of locking in finance. Had they made it an open CR @15c, they may not have completed the deal and we'd probably be trading below 12c without funding for the launch and deployment. Soph's want a safe bet and they're the ones with the money that SAS need right now - not the time to f#ck about. Offers of a partnership with a major telco obviously didn't eventuate, I'm guessing because major telcos are playing extra cautious in the current political-financial environment, and there's no forcing the issue.

The CR buyers will probably sell off part or all of their parcels at +20% and, yes, there is some dilution, but if you want to sell then just do it. If it's as gloomy as you say it is, you only stand to lose by waiting and whingeing.