In other words, we set up a company, didnt do the work to get...

In other words, we set up a company, didnt do the work to get the structure in place, and then applied for rollover relief long before we met the criteria. Unsurprisingly, ASIC rejected it because a promise that you'll meet the criteria in the future is not sufficient. Then we whinged and appealed and blamed ASIC, despite acknowledging that we havent met the criteria.

"it believes it can reconstruct before approval of Australian prospectus".

Lol. Anyone else here ever heard of regulations you can comply with by believing you can meet a requirement later?