Chiller correct me if I'm wrong. But reading through MW...

Chiller correct me if I'm wrong. But reading through MW remuneration and incentives from September 2018

" Share-based remuneration granted as compensation
The Company has offered a long term equity incentive to Mr. Wood upon his appointment as Chief Executive Officer and comprises up
to 6,500,000 ordinary shares which is subject to shareholder approval and the following vesting conditions:
a) 25% of the Equity Incentive will vest upon the successful completion of a Fund Raising needed to complete a Definitive
Feasibility Study for the Agbaja Cast Steel Project;
b) 40% of the Equity Incentive will vest upon the successful completion of a debt and equity raising by no later than 31 December
2018 to fund the Project construction and pre-production phases; and
c) 35% of the Equity Incentive will vest if the Company announces commencement of Construction of the Project prior to 30 June"


If the announcement of Construction was to have been done by June. Wouldn't the DFS have to have been completed and ECA funding secured?