Ann: Suspension Update, page-29

I don't think 'cannot reach CR target' could be a possibility at all. Firstly, they haven't made a public offer, and if they did, they could still offer a discount from current levels and I'm sure there would be takers. Otherwise, this is a new experience for me. Possibly seeking debt funding but there is a requirement for a certain deal to be inked?

edit: Or management is trying to negotiate better terms between multiple parties, or, waiting to be in a better position, eg. a deal being struck beforehand?