Sorry Majikman, yes it does and I spoke to Dunoon about it as...

Sorry Majikman, yes it does and I spoke to Dunoon about it as well, and I have spoken to 3 other company secretaries and other directors from other companies and they have confirmed with an ordinary placement you cannot issue the APP B without cleared funds. Yes the money was recd in April.
Have a look at VHL they had to issue 2 APP B's because the second trance came by chqs , the first by Electronic t/fer, so they had to wait for the chqs to clear before issuing the APP b. If companies could issue stock on credit everyone would be doing it.