I see FYI as perhaps only slightly undervalued at present and...

I see FYI as perhaps only slightly undervalued at present and for whatever reason, retail investors remain largely uninterested. I doubt this can still be attributed to confusion or misunderstanding of the poorly executed announcement and that which lies ahead - more likely the increasingly short investment timeframe of the average retail investor. Sufficient time has now passed for the details to have settled in.

I tend to think the current valuation is reasonably fair though and my sentiment won't likely improve until successful completion of phase 1.

In some ways, the JV did fall through, hence the major sell off. The relationship advanced of course and is potentially a great deal for FYI in the long run. The binding term sheet is certainly no genuine JV, fell well short of market expectation (which is not difficult) and I personally found it very tentative and uninspiring considering the length of time given to discussions and the rosy HPA market growth projections.

More Q&A sessions and media presentations may be of some use. Definitely room for improvement on the quality and clarity of announcements and presentations.