Mike Pivac has to go.

It's probably been years since I started a new thread on FBR, but I'll give it a go today.

The way I see this is that they have long seen this day coming before pandemic.

But they were so clocked into maintaining the hype on its technology + captial raising + issuing themselves performance shares, kinda business model they have easily enjoyed for so long.

Performance shares was the 1st red flag to me a few years back, even understanding this might be the payback on Mark transferring his personal patent under FBR's name, so it made sense in a way that he was now to issue performance shares to himeself to maintain his ownership in the company. But the way the board+CEO made it sounded like they had done such a fantasic job for bending the definition of "Build 1" and rewards was therefore rightously deverved, I was utterly disappointed at that time, before that I had 100% faith in Mike being the right leader of this company.

Towards late last year, FBR has become a bit desparate getting funding, another red flag, issuing shares at 3.5c or something like that to shareholders, glad I didn't consider that a "fantastic deal to existing shareholders". Graciously, they even toured around Australia and confirmed they were 1 step away from the big display and we will all be thankful for the low entry, yep, only 1 step away...

I think this pandemic is the probably the best thing happened to FBR in the recent years, it's a wake up and shake up that FBR long needs, too much glory sh1t and weight it has packed(global CEO vs Australian CEO, lol), putting the tech back to its foot. Clear all the smokes and we can see where the fire is, the running cost of a still R&D company was way too high, I think Mike Pivac has to take most of the blaim for over-blowing the corporate budget for so long, they had really healthy funding for a while, but they got greedy(and still is, judging by how much Mike still got paid even now), too many unnecessary roles and positions for a small R&D.

This probably explained why the SP had a day jump yesterday, as someone pointed out, it was not about that speed improvement, but more about the company now on a much healthier diet than the big mac it was on everday before.

The key issue is the wrong management and board of this compnay, Mike Pivac has to go and a proper experienced CEO will put this company back on track again, I still have faith in Mark Pivac, he was the one to make all this possible in the first place, and as long as he still believes his dream, I am on board.

Mark, if you read this, remember, this is your idea and your company, not your cousin's, make Mike the head of sales or business developement, you need to look for a new and experienced leader before all your life's work is ruined, and judging by its look now, honestly I think we are not far from that.