I think this is the line in the sand. James is stating that he doesn't think Charles' offer is good enough, apparently it left too many obligations with CVC. (Maybe because Charles didn't have good enough financing in place.)
The deadline passed, and so now he's taking steps to shut down Voom just as they stated a month ago. James is doing his job and representing the interests of the shareholders and the will of the board. Is there more to it than that, probably, but this is the job he is supposed to be doing, like it or not.
Charles could still change his offer or negotiate some trade offs. I kind of got the impression that some board members were still interested in selling. This week will be crucial because if there isn't a positive announcement within a couple days then it will probably be too late to salvage.
I'm hoping for a Hail Mary pass right about now...