Imagine if the C Pharma deal hadn't happened and thing had progressed to June 2005.
If LFI now "settled" the PN (yes, I know it looks like it was all made up) the share price would have still rocketed to 50p per share or probably way more(after all the NAV would have been Euro6.7 per share). Remember the share price spiked and liquidity increased BEFORE the Founder Shares were cancelled.
SP would still have been on board spinning like a top about releasing the funds in Brazil. PI and funds would still have bought in.