Peak pessimism - complete overreaction, page-55

From the webcast;
..... so what has changed from earlier indications given to shareholders on the cash position that we arrived at that decision, to do a small placement? And what has changed is that we are seeing abnormally protracted delays in terms of tender procurement timings in terms of tenders being let.
In many cases it is well more than 12 months behind the NHS England stated timelines ....

.... Q2 has been more challenging in terms of the sales development and closure and it became clear in the last couple of weeks that we may see some of the deals we forecast to land in Q2 move into Q3 and even Q4 and cash during Q3 could come under pressure if there were even more delays then we currently envision.
And then it would be even more challenging to raise capital.