That is EXACTLY what did happen.
Kingsgate negotiated the first loan from Taurus and in the space of a year, could not successfully negotiate the second loan. Subsequently forced into a capital raise. It appears they do not see it prudent to secure another loan from another group or that it was actually in Taurus's interest to wait till the 11th hour before springing unacceptable terms on us. Terms so bad that a CR was a better plan.
This was done once before when they sold NE and did not seek finance. Then when that fell through, they were caught with their pants down and started looking for finance.
As I said. It is all quite disappointing.
General discussion, page-3082
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