Ann: Change in substantial holding, page-23

ill answer each part seperate becuase its a bit fractured

first paragraph - yea thats the whole IP thing, id be putting bets on Europe only.Reread his statement partners LIKE WB , i doubt they will let WB sow up the whole bag

next two paragraphs- the consideration of that deal is capital and WB get the bricks as on going revenue hey look im ok with that -
but and theres always a but ,you are describing a capital sale not a JV and if that where the case , there would still be an issue of warranty's ,

however I may be reading the second paragraph in particular wrong , in which case you are suggesting a revenue share , which would also mean an expense share and allocations would be vastly different to the Brickworks deal

economics 101 its called capitalism for a reason. its all about the capital and FBR negotiation position is not as strong as you think , look it's definitely strong enough to get them a seat at the table but they dont hold all the cards , and tick tock class c - the pivacs will want to negotiate faster and with outcomes dictated by the performance issue - WB didnt get to where they are because they are chumps

last paragraph - i think Brickworks is well placed they have the existing infrastructure sown up and will obtain first mover advantage in a monopoly market there is no need for them to risk capital right now , not to say if all goes well they wont dig deep later