I think that any retail participation in T4 is all in and if insider participation was above the 25% level that would delay the close due to the need for approval by the regulator. But I think the most probable scenario is that they are waiting on funds that may have required approval to be shared details under NDA. I believe that T4 will turn out to be the largest tranche issued. We will see.

Or maybe they decided to delay issuing news by a day until the dust settles after the big hit in the US markets yesterday?