The situation is the following:
Boats are entering for a match race pre-start. Yellow at 3:55 before the start is at position 2, while blue is also at position 2.
At position 5, Yellow on starboard is on a collision course with blue which tacks without crossing the line from the course to side to the prestart side.
The boats continue sailing as shown in the diagram and at 2:59 before the start the are at position 12, where blue has just crossed the starting line from the pre start side to the course side.
Is that a penalty to blue according to RRS C4.2? If yes, the umpires have to display the flag at 2:59 or they have to wait until 2:00 before the start?