So if the deal has not been finalised then why were placement...

So if the deal has not been finalised then why were placement shares issued to ERM?

My understanding of the deal was that the issue of shares was not to occur until the deal had been finalised.

Also, given the deal was originally to lapse if not finalised by 17/1/15 why are we only finding out today, 22/1/15 that the deal has yet to be finalised?