Yes, the situation for SH presently appears existential.It is...

Yes, the situation for SH presently appears existential.
It is very difficult to maintain an investment case with, at best, about 3 weeks of funding remaining and diminishing chances of a funding source appearing. It is a great shame for SH as the macro case for natural gas as a bridging energy source to renewables remains compelling and feasible. It is yet possible that Maggy and BH will play a part, however, as it stands, the present owners (SH) are unlikely to benefit from it. It remains a possibility, but evermore unlikely.

Management told SH at the AGM that there were a number of funding options available to the company. With the passing of time this position has become increasingly less plausible and is unreasonable to explain away as "inchoate" (in the immature sense). "Inchoate" in the conspiratorial sense though? Very difficult to prove but maybe worth considering. The conspiracy would go something like deliberately running cash reserves down in order to pick up two permitted projects plus a bit of tech on the cheap, knowing there is very little that SH, barring Baupost and IDG, can do about it.

With regard to funding, there would appear to be four possibilities:

1. There never were funding sources and management have deliberately run down cash reserves in order for SH to be bought out for a very low price (the conspiracy option).
2. There wasn't a realistic funding source but management hoped there would be (the incompetence option).
3. There were funding sources but they haven fallen through (the bad luck option).
4. There are funding sources and one or more sufficient to save the company is going to manifest sometime in the next three weeks (the hopeful option).

It's probably reasonable to place equal weighting on one to three and low probability on four. Two and three will result in VA. One will likely result in a SH being inadequately compensated for their ownership stake. Four, SH get to hold on until either funds runout again or Maggy reaches FC, whichever comes first. The SP will likely to rally in this case.