You speak as though TIS has control over the EMA process. How...

You speak as though TIS has control over the EMA process. How can they be anything else but reactive to an organisation that seems happy to move the goalposts whenever it suits them? They pushed the process out by over a month, and then in the New Year pushed it out again. Nothing about that TIS can really predict. If they had gone in and raised money regardless, and EMA had approved Vitrogrow, everyone would have complained that TIS played it too safe and should have waited until the approval went though and the SP was much higher.

The raising is underwritten. TIS is getting the cash regardless. There is no pinning our hopes to a star of a capital raising that may or may not be successful.