I think at this point, the aim of the game is to get the project...

I think at this point, the aim of the game is to get the project funded while avoiding takeover.
Think of the following actions taken:
- Board moves to remove the provision for minority takeover offers at last AGM
- Board delays spinning off TRR due to the economic environment. They could have easily completed the spin-off and held of on floating.
- EIS had no responses from public - but now there is a small technicality that is holding it up longer than one would expect.
- The attempted issue of additional shares to non-executive directors last year to improve register could also be seen in this light.

Just saying that I think many of the smaller progressions (as compared with a finance deal) may be put on the back burner as long as the finance can be tied up without them.