I agree. I must admit I missed the 92/25/48 split when it happened, so this conversation has been interesting.
48m isn't an insignificant chunk, and will potentially occur another 2 times, so it's not unreasonable for @adent to question it. I wouldn't say it's a red flag for me, although I know I'd rather those shares in the hands of the Pivacs.
There's definitely nothing wrong with concerns raised based on valid reasoning. It's the flatfoots that throw unsubstantiated claims that waste everyone's time.
@Alcamy can I ask how you came about your info on Brickworks, Horsely, etc being the original seed investors?
FBR General Discussion, page-42
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