You make a good point, so I talked to management about how they...

You make a good point, so I talked to management about how they would raise capital with the unresolved ITO matters.
They made the following observations:
1. Even if the WHT matter is lost at this court, there is a right of appeal to a higher court, but they would need to see the judge's reasoning before deciding to appeal.
2. They are confident they will win the VAT matter as the facts are undeniable.
3. Any capital raised, debt or equity, would be for the head co and directed to the geographic expansion plans, not the ITO, unless specifically flagged.
4. Following the logic of (3.), they seem confident that even if they lose WHT and decide not to appeal, the ITO will enter into a payment plan with them, which positive cash flows from the Indonesian operation can accommodate. They say there is a growing awareness and support for them from well-connected officials and Indonesian companies, and these 'friends' do not want to see their critical ecologic efforts lost.
5. If all that is true, it is reasonable to conceive that new investors may support RAN's new business endeavours in other jurisdictions. It depends on who they get into bed with and how the deal stacks up.
6. The last point they made is that there is no urgency for new capital. It will be needed with the expansion plans and if a significant rental deal is signed, but it is not likely in the near term, so they hope they have sufficient time to kick some more goals and attract new followers.