Ann: 2018 AGM - Chairman's address and CEO's address, page-23

I am not surprised about them not mentioning St Andrews because there is no certainty about it. They can't be certain it will go through, so better to be silent and celebrate if it goes through, then to base everything on it. It's with the regulators and out of their hands.

The liquidity event is a concern, but and of itself does not seem to be huge given this is flagged as a 'potential' event. So I would expect that they would be able to work something out given it will arise simply because of the timing of payments.

The broader concern this raises is that it is sailing quite close to the wind and that any number of factors could tip it over before it can complete it's restructure and finalise the St Andrews acquisition which who knows how long the regulators will take to finalise.