FBR General Discussion, page-24

There is an MOU that describes the breakup of shares, and the terms that the original shareholders were prepared to sell thier stake to FBR so it could be floated. This was all done before the float, and all the shareholder had to agree to the MOU. The prospectus for the float merely dictates that there are shares that will be distributed as per the MOU to these shareholders and as Mark has an interest in the new Company ,FBR, he must declare, everyone else at the time was basically out of the loop of FBR. so no need to declare. If you want to check how many shares Horsley Park are going to get go back to last years performance distribution and look at there share level before and after the the distribution... That is what they will receive this time for the 10 houses as well another trench when 10 million is hit....