why has the loan not been repaid yet?

The resolution to pay out the loan taken in shares was approved on 31/1 but no shares have been issued yet.

Does anyone find this peculiar? Is it so that the lenders can keep earning interest on the loan at 10% pa capitalised monthly while the issue is capped at 8.5c? Loans earn interest, shares don't. Think this loan was repayable on 1 July 2011 (there was a typo in the announcement of 24/11/2010 I think, it stated 1 July 2010). There is no other conceivable reason for not issuing the shares sooner. It is not like the company is paying in cash.