If the loan note holders were truly supportive there would be no need for today's announcement - they would simply extend the loan note and subordinate it.
The announcement is coded, as these things usually are. The significant thing is Sibley & Booth coming off the board (before they have achieved their stated expectatiosn) and the fact that "constructive discussions" are taking place.
You don't need to have constructive discussions with supportive shareholders, you just have a telephone call followed by an announcement. Nor do you need to "examine options" or divert the boards attention.
Even if the loan note wasn't a problem, cash clearly is - they are taking on a CTO without being sure they can invest in any of the products they have in mind. And the best thing they can say about their broadcasts is that one of them had a spaceman in.
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