CR Scenarios, page-24

Several reasons...

Highly unlikely that a major telco would invest in IP while it is still in the MOU phase. Would have a trial or contract at least first. NOR would have already announced that if that was the case.

Wheels of major companies move slowly. It would take months to do the due diligence then approve the spend. It would take 6 months + if the direction came from the board. Likely that only a mid ranking member from the national carrier has been in talks with NOR and then it would have to be escalated, tabled, discussed, approved, funded. That would take even longer.

As a general rule major companies don't take positions in listed companies. They buy companies. They buy the IP to get the advantage or the client base. I can't imagine they want to have a minor stake in a product.

From the NOR perspective I wouldn't want to have a national carrier as a significant investor as it would deter other national carriers from using the product. Eg. Telstra wouldn't use NOR if Vodafone UK was an investor.

Anyway, those are all practical reasons. I don't think any telco would even entertain the idea ... or NOR would ask for that matter.