I suspect that the hesitation on the part of Secutor lays with the government delays.

My guess is that the SP of Noront and KWG has been under pressure due to the perception that another winter will pass with no significant progress. Because of the market price being lower than the PP price, there is pressure from Secutor to lower the price of the PP. Never mind the fact that if anyone tried to buy even a fraction of the numbers of PP shares in the open market, the price would quickly rise significantly.

Also, I suspect that the Secutor involvement is covering up an investment by a major entity or group, and they know exactly what kind of a good deal they'll be getting. I think they know that they have the power to sit until the government announces progress on infrastructure, because they know that a placement of that size could never be floated publicly right now.