Ann: FBR signs MOU to establish joint venture with Brickworks, page-124

Yes, BKW announced. Obviously less sensitive to them than to FBR.

50/50 equity is in the JV, which will be established as a Special Purpose Vehicle (SPV). Effectively will be its own business. This is the business that will have 50/50 equity, not FBR

We don't know the commercial terms to understand how much equity is required for the JV. Will the JV buy a HX? lease it? who knows.

Yes, we all need to see if the thing will do its job. until It is finishing jobs, we cannot say. but they are pressing forward with commercialisation, not going back to the drawing board, so at least FBR thinks it works.

And just a reminder, BKW already have an investment in FBR from long ago. Not to mention this is for Australia only, and we're likely to see similar deals with other brick manufacturers in other locations.