Surely there is no way that they would even consider a CR...

Surely there is no way that they would even consider a CR without first doing an outdoor build and getting an occupancy certificate issued? The idea that foreign investors need to see the build in action is nothing more than distraction. There’s plenty here in Australia that will throw more money at them, but not without that first build. The only way they will be able to CR without that first outdoor build is if all directors agree to work for free for the next two years, not in return for more shares, but for free because they believe so highly in the successful outcome. They have been paid enough until they get some runs on the board IMO.