Concerns, page-16

Almost makes you wonder if it is all to plan. BKW and M&G own 27%. M&G sold a fair bit to BKW in the 20% accumulation. There is always that pesky problem of having to do CRs, and all the disclosure issues that come with a listed entity.

FBR runs from this time last year at 1.8c to 5.5c in 3 months with about the most supportive non-takeover I have seen. BKW get 20% and then absolutely nothing about the new machine except it is working and M&G get a special raise for 3 more machines at 3.3c.

Pivacs, BKW, M&G, senior management and FIL would own over 50% of FBR, this doesn’t seem like many people that have to get into a room to sort something out an offer from BKW, new private entity or whoever.

If this new machine is as good as they say it is, I cannot see how FBR makes it without a BKW scrip bid or a new private entity scooping it up. The tax losses alone would be a big part of any takeover.

mid the new machine is no good then at least BKW and M&G dusted their cash as well. I hold as I think there is a fair bit of news to come and doesn’t seem like a good time to sell.