timeline of announcements for capital raising

Extract, by date, of the announcements from SEN about their proposed capital raising and new alliance..........

19/9 (extract from ASX announcement of 6 Dec)
The Placement Offer and Convertible Note Agreements were executed by the parties to the transaction on 19 September 2006.

24/10
Shareholders become aware of placement through notes accompanying AGM agenda items.

8/11 ASX announcement
On completion of the transaction an announcement will be released and trading of Senetas Corporation Limited securities will resume. It is anticipated that this will occur on or before Wednesday 15 Novemberth 2006.


15/11 ASX announcement
The Senetas Board of Directors are considering further terms of the capital raising
transaction, as a result, the company has requested an extension of the suspension
period. The company is confident that it will be in a position to make an
announcement on or before the 22 November 2006.


22/11 ASX announcement
Senetas anticipates that the capital raising will be completed by 5pm Wednesday 22 November 2006,

23/11 Chairmans address at AGM
……….We are hopeful that the issues around the capital raising will be resolved in the not too distant future. We believe that it would not be wise now to attempt to put a date on the completion of the raising and, even when we are in a position to announce details of the raising, the project itself will still be commercially confidential.

6/12 ASX announcement
To date, the monies have not been received into the Trust Account. Senetas will advise the market when the funds are received.


It is almost 3 months now since the agreements were "executed". It begs the question(s) as to did the parties prematurely race into signing the agreements before doing proper due diligence? After all what could they not have foreseen to be potential stumbling blocks to hold up finalisation of the deal for 3 months?
The longer the impasse takes to be resolved the more improbable the whole deal is looking (IMHO).