I think the real reason is that the board did not do its...

I think the real reason is that the board did not do its homework.
I bet they did not properly 'sus' out the major holders for support. Lets face it one third of shares on issue were at 95 cents (last raising) and a lot of other holders are under water at the moment. I think the attitude would be get the SP back around a buck then we will think about supporting it.
Also the performance hurdle of just being above the 50 quartile might be seen to be a bit light on at the moment.
Lange has done a great job so far and the board want to 'lock him in' but now with the SP so low it is probably not a good time to do so.
When the SP gets moving again then a vote will get thru no probs.
If they are stating November then there must be an expectation of an SP move before then