FBR Analysis, page-30

I agree, and its not 1 whale, we want as many as possible. Let them fight over how much they can accumulate. In some ways, this limits the risk of a hostile TO. I really think the roadshow would be fruitful. The number of stops, US,UK,EU,UAE shows potential in these regions. And there could be more then one "whale" in each stop so to speak.

So to answer arm, JV waas with multiple whales in each funding region would be the ideal scenario. No dilution, FBR gets to keep doing doing what they can in Perth into new digital construction space. In some ways, I think its already happening in the share registry for FBR. The pivacs, the original angels, FIL, BKW,M&G. As long as the share registry is diverse enough, the threat for a hostile TO is very negligible, meaning the Pivacs will be in control.