I have not followed this too closely because it was depressing,...

I have not followed this too closely because it was depressing, but there are a bunch of things to be done in order: -

1. Get federal approval which now is our highest risk – risk level? months?

2. Update the feasibility study - not clear if they will assume the fed approval and start right away?

3. Obtain finance - depends on how much proper prior planning they have done to get this - financial management has not been great for some time but new CFO so you never know. Also depends on how much bigger the costs are and what the profitability is.

4. It’s up in the air if there is a financial investment decision to make too. I think they have not made it and need to completely relook at the numbers.

Not sure if they even have a development team anymore. They have not had anything to do for a long time.

If there are significant risks around 1, then they should do that step first and some background work on 3.

Also, as you say, costs have gone through to roof and a little delay now creates an opportunity for them to cool down. The old Regis would be very up to date, but this is not that team.

The brief release tells us little about status.