Sydney Roadshow, page-81

To anyone that is interested in my views of the meeting today. I'll start with the questions that is asked here before hands and probably have another post on other informations I've gotten from todays meeting.

1) Clarification of the performance shares.
Read stormy's post, I never felt the need to ask this as I thought it makes perfect sense after he replied the "control", "takeover", comments. Seeing Mikes conviction, I definitely think the PIvacs deserves it. In some ways, its "protection" for us mushrooms as well. Would you want someone like FIL to be able to get rid of the Pivacs? On that subject, I believe Stormy asked who are the instos/sophs are, and FIL was one of them. Aparently, they have sold, and buying back FBR all this time.

2) Cash burn, dual listing, when will be the next CR.
I asked about the $10m equals to about 4-5 months. Comments was that, that was for the last years during the development of the HX. They would rather not comment on potential CR in the future. Reading between the lines, I'm guessing they have something really massive planned for the next couple of years. One of the comments that struck me was when they were traveling through the US, everyone were asking why would they be public without a product. Again, refer to stormys post. Even CAT admits that their IP portfolio is easily worth $500m when they are engaged.

3) Technical, heat issues.
They showed a video of todays outdoor build. Basically a hot day in Perth, ambiant temperature is 40degrees, slab would be around 56 degrees. I think I'm satisfied with the heat issues. One thing to note, lasers has been used in a similar fashion in aerospace manufacturing. DST is the crown jewels of FBR. It just happens that this is the first time anyone in the world is attempting something like this.

4) Archistruct/Summit Display homes.
This was asked with a potential timeline/end date. I think they were hesistent to answer this. When pressed about a possible "sunset date", they commented they don't have one in place. However, I think they hinted it will be next year. On this, I got the sense that the different builders were "fighting" to get the first "robot" build. There might be an "auction" going on is my best guess.

5) JV with Weinerberger.
Again, this is something that is very much no comments, but progressing well. Mike actually related the story of how Weinerberger approached them and the phone call. Lets just say, Weinerberger is very very interested in FBR.

6) Shareholder communication.
I actually asked about this. He said he wanted more communication with retail shareholders. He hopes to have at least twice a year communication with us. He also mentioned he loved to hear the many different perspective from us as well. But unfortunately, his hands are tied with the ASX disclosure rules etc. Hopefully, we would have more roadshows like this in the future.