The shaft can stick inside the tensioner body if it hasn't been adjusted in a long time. Loosen the lockbolt and tap smartly on the side of the tensioner body with a brass or plastic-headed hammer (small one) and listen for a soft "click" that indicates the tensioner moved inside. If the chain is real loose, you'll probably hear the "click" easliy when it goes.
Worst case, remove the tensioner and release the shaft, work it around a little, and reinstall and adjust. It's just held on by a few bolts. You'll need a new gasket, because the old one may break when you remove the tensioner.