Ann: Trading Halt, page-210

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timboc

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02/08/24

13:49

Post #: 75045354
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Originally posted by Giobria: ↑

i believe that was the original plan for many years, but the brief romance with CAT killed that idea, and waas was born.

It is clear to me now that a deal with a builder would not have worked. Why? Ask yourself how many builders own concrete pump machines. I don't know of any. Why? Imagine - it would be a scheduling nightmare to ensure the machine is fully booked out every day of the year - they would have to stage the building work around the machine availability.

So a deal with a brick/block maker makes more sense - the builder tells the manufacturer when they want the bricks on site, as always, but now the walls get built too on delivery of the bricks. Brilliant. Can't think of a better way of doing things.

The big surprise for me is BKW. Yes they have a large % ownership, but I am not aware of any contracts. What would happen if the second biggest block manufacturer in Australia signs a deal like CRH's? BKW would be screwed. Can they block it? I doubt it unless they do a TO of FBR, which now seems unlikely.

Why didn't BKW do the deal? Perhaps too risk averse. Not until a manufacturer of hadrians has started making them. But we can't sign a deal to make them unless we have someone to buy them - so its chicken and egg again. All it needed is for BKW to place an order similar to CRH - but they are too chicken.

So, if Australia's biggest brick maker doesn't cut it then the only thing left to do is to go overseas.

Wienerberger is a possibility, but maybe they don't have a market in one region as big as CRH? I Don't know, but it is also a surprise that they didn't jump in, especially considering we did a test build with their blocks.

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BKW's plant in Perth has been shut down and they are in a legal fight with BGC over dumping.
Company collapse: Brickworks to shut Austral Cardup site due to slowdown in business activity | news.com.au — Australia’s leading news site

So Brickworks don't have any bricks in Perth to do WAAS with.

BKW should not be able to block any other WAAS deals though because the board has a responsibility to do what is best for shareholders and not just one specific one.

FBR Price at posting: 4.8¢ Sentiment: Buy Disclosure: Held
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Ann: Trading Halt, page-210

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