You need to look into the updated Corporations Act provisions...

You need to look into the updated Corporations Act provisions around COI.

If a director executive or non executive in obtaining shares and options agreements whilst involved in another funding related capacity with a funding body is deemed a COI.
In essence, the director or non Executive Director cannot no obtain a role that correlates to obtaining funding where a COI is identified.
I have ran into this issue with private equity myself and owners having %'s of businesses I own as well.
( my experience)

Before a funding arraignment is finalized, it also offsets and risks when other firms and entities are looking at providing funding when they want to know around potential correlated conflicts. I assume South Africa has similar rules around COI as well.
Copy of the act is below with updated amendments for anyone educated enough to read it, before commenting emotional opinions without education around it.

I am reading this as funding is close and they are closing the burden now in line with the act amendments.
Would be good if the WWI team could address this with the announcement

Agree to all, this funding stuff has bled on for too long, I am also frustrated.

https://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s191.html