Ann: FBR and Brickworks form joint venture, page-516

I'd really hate sounding like Hokey, but the SP isn't going to move until the HX is demonstrated in public, which perhaps will be in June/July with a one-off public build, or we may be waiting until the 10 House build scheduled for later in CY19 is revealed.

This will provide real evidence, first revenues, and excitingly ongoing contracts, customers etc. and the SP will respond.

Even if they announce more detail on the HX pilot in Europe with WBR, or if they phoenix KSA or Vivienda, or if they announce a funded manufacturing plan, the SP won't do too much. Sure it may spike but plans on paper are not really exciting the market too much anymore.

Thankfully FBR do now have the JV with BKW so things are happening, hopefully they can improve investor communications and set deadlines they can achieve the first time rather than needing extensions/delays. The resources BKW can throw at the JV are really exciting with strong commercial and sales focus, plus an incredible network of global contacts.

I also like that senior management are incentivised with share options excercisable at 20c plus etc. Sure it dilutes, but I'd appreciate a 100%+ increase in the value of my holdings.

If you have held this long, what's another 6 months, if they can get it right with their global partners it will be a game changer.