funding for phase 3, page-8

Jev,

The main reason companies go for CR is that it is the easiest way to raise money. That's why companies list publicly. I don't see any reason why a company should be debt-averse especially in a situation like POHs where a debt would most likely be shorter-term. The advantage of a loan is that it does not cause any share dilution and induce beneficial parties to play games with the share price. But banks are simply not that risk friendly and from my experience often do not truly understand business anyway.

In summary I agree with you, POH will go for an equity issue arrangement, it is what ASX-listed companies predominantly do.