A CR would not be in the interest of shareholders in the long run. A CR at the moment would be 25c or lower and the dilution factor would be almost 50% with twice the number of shares on issue.
You need to think about it from a 5 year+ perspective. In 5 year's time, would you rather them have paid off debt with 200m shares issued or have 400m shares issued and about, say, $40m cash in the bank (assuming no dividends are paid)?
Hypothetically, if the share price was $1 in 5 year's time, the EV would be $200m with 200m shares issued versus an EV of $360m with 400m shares issues.
That's quite a big difference. For the EV to be equal (i.e. $360m), with 200m shares issued, the share price would have to be $1.80. Would you rather $1 or $1.80?