Maybe what has occured is the Sen is joining an alliance with...

Maybe what has occured is the Sen is joining an alliance with say a group of mobile phone (or microwave or Wifi etc) manufacturers who need a unique world encryption standard fast. The group of manufacturers and Sen as an alliance create a standard which is then adopted by all. Perhaps the ASX asked them to hold off on the announcement of the capital raising which is there financial contribution to the alliance until they could reveal the whole deal forcing them to finalise the finer details of the alliance causing the delay. If this is correct, $26 mil would have to be at least 50% of the alliance which should mean a healthy share of royalty revenues.