Realistically  funding was extremely unlikely to be in place by...

Realistically  funding was extremely unlikely to be in place by Dec 31 so that is not surprising. SKI's option if it had been exercised would have shown huge commitment by them to AUZ but it was well out of the money.  I can't imagine discussions had not been going on and the fact nothing reportable resulted is concerning in terms of the ongoing SKI/AUZ relationship. The SKI relationship is obviously key to AUZ moving forward in the short to medium term - the announcement will need to clearly establish the situation re SKI/AUZ continues to be  strong and binding or the share price will be hammered. A major fail by management not to have put something explanatory out by 31/12 given the option was a very visible SKI milestone with AUZ.