Chart, page-2810

Yes, you did mention a reverse takeover there. So the following is just a plot for a novel and any resemblance to those living or dead is purely conincidental.

Sometimes large holders interests dont align with other shareholders on the ASX so if you think they do you probably need to rethink things.

1. RWL needed the EMC MABR assets and access to China.
2. EMC was listed on the ASX. Damn, that's not preferred but they have MABR. So, the best way to get those assets was via a "friendly merger" to create Fluence.
3. RWL "sells" itself cheaply to make it look like a good deal and Ron chips $$ in up front. They know in a few years the company will be many times the current valuation, they are patient. Their horizon is set to meet head on the looming worldwide water crisis in 2020 onwards. And besides, they can create the climate to lower their average any time they want. The ASX transaction level is low and easily worked to advantage.
4. So the big push down happens, relentlessly, often 1%+ per day in a slow grind. They hit retail holders tolerance and those exit their positions, ceding shares to the "friends of RWL" along the way.
5. News dries up, things seem a lot harder in China, New agreements seem to be way out there for payback, people start to doubt. More shares give way. But those timeframes are perfectly fine for the long haul plan.
6. Price hits capitulation, but not before rumblings of "the ASX boards dont appreciate us, perhaps we should take the company back private....."
7. Oh look, between us and our friends, we have enough to compulsorily acquire remaining retail holder shares, and at bargain prices too. What a surprise that is, arnt we lucky I can save the company!
8. Company goes private, Ron gets his toys back as well as EMC's MABR at an average way below the price if he had to buy the takeover the normal way on-market.
9. The deals start to flow rapidly to the new private company and payment roadblocks magically disappear.
10. FLC dominates the water world.

So, FLC will be huge one day and many multiples of the size it is today. But I dont feel any of us here will ever be a holder when that happens. We might get all the downward pain and none of that upward gain.