[ATTACH] Thanks @nequalsone. In addition to what you posted, I...

Thanks @nequalsone.

In addition to what you posted, I think it's also important to step back a little and have the water industry's supply chain as the overall backdrop. This will help us understand FLC's positioning and strategy a little bit better, and not get too caught up with the day to day share price.

FLC is uniquely positioned at: (1) Equipment and Services  (with their MABR, SUBRE, Ecobox, Nirobox, C-MABR, Aeration Equipment, Smartaerator, Dissolved Air Flotation) and (2) Design and Build (includes EPC Firms worldwide as well as the 9 SOE distributors in China). It doesn't want to be in the capital hungry Utilities sector. But FLC does want to sells its equipment and services to End Use Applications (Farms, rural municipalities in China, mining sites etc) and that's why they are in China.

MABR is just a land grab opportunity for FLC at the moment. But I can foresee competition will catch up with FLC with MABR further out (5 years or more) just as in MBR.  Henry will continue to push  Ronen and team to continue to innovate more equipment (including EBR) and services to add to its portfolio. R&D costs will feature a heavy part of expenses in their P&L.

FLC will also use their currency afforded in its listing on the ASX to buy other equipment makers and services. Hence, it is not in their interest to privatize the listco. Don't discount future acquisitions once the share price recovers.

Keep your research coming. Regards.