FBR (ASX) Through the eyes of an angel

Originally posted by Armsofanangel: ↑

From someone who knows most of the angel investors ... I have been reading this HC online thread since the IPO ... but have resisted posting until today.

Yes there has been some poor communication over the past 3 years ... but some of the whining on here has finally got to me.

Imagine yourself an extremely LT angel investor ... since 2005 you'd be amused by the impatience of so called LT holders and a few who apparently sold out only to grace us with their wisdom many times every day.

An angel investors view on a few of your posts might be as follows ...

1. "FBR have taken my investment money which gives me the right to endless whining."

When FBR back door listed (if you bought in the IPO ... your investment cost you 2c per share) FBR raised $6 million from retail investors the rest has been a mixture of funds (like Fidelity) CAT and R&D tax rebates ... oh yes last December there was the SSP.

If you bought your shares on the open market at say 20c ... then 18c from each share did not go to FBR but to investors and traders.

The most anyone has invested into FBR is always only 2c per share ... (unless you own Fidelity or CAT) or you bought shares from Fidelity or CAT ... when they sold on open market

So on point one I suggest some of you need to build a bridge and "Get over it!"

2. Performance shares ...
Everyone who has bought FBR shares should have read the IPO prospectus... which clearly informed you that in order to allow the company to be floated the original angel investors from Goldwing Nominees Pty Ltd would be eligible to receive A,B and C class performance shares, at pre-set dates and criteria. (Only 2 of 15 angels work at FBR Mark and Mike Pivac plus Brickworks has a LT holding through Horsley Park)

These performance shares could just as easily been in escrow to be activated by a date only ... as Mark Pivac as inventor gets most of these shares (which protects all shareholders from hostile takeovers) ... what's your problem? The issuing of performance shares does not dilute the share price as it has been priced in by the market since IPO

Only performance shares issued to staff dilute but the overall amount is insignificant and has been approved by a majority of shareholders at each AGM.

If you were an angel investor ... you would be pretty upset if the Board didn't do everything in their power to ensure milestones were met ... and yes that means interpretation of the condition to complete the builds indoor as part of testing phase ... as long as it's legally done ... so be it.

As an angel investor, you would expect nothing less of the BOD and had they tried to interpret the condition how many of you have ... that it must be outside on a client home ... or changing the criteria mid stream... the BOD could have found themselves in court being sued.

3. CAT walked away from the JV ... an attendee at the road show meeting in Melbourne suggested that FBR walked away because for CAT to tool up would have taken 2 to 3 years to bring the first HX out of production with a small royalty paid to FBR and the unrestricted access for CAT to the secrets of the DST technology would have sent FBR to the wall within 7 years.

The JV with Brickworks I didn't fully agree with at the time cause I felt they should have put more skin in the game in order to get 50% of the JV ... at the Melbourne road show meeting Mike said FBR were ready to build a display but BW were crossing t's and dotting I's to the point of the ridiculous ... when the JV was announced posters cried it was a bad move. Now the JV discontinued announced and same posters crying foul again or should I say still.

I believe IMO that FBR pulled the pin so that they can go ahead with the display build.

4. The issue of certification... why should FBR give away its secrets whilst in development stage? I am positive that after the display is built and proof of concept in a commercial sense is achieved.... all will be revealed.

So as an angel ... from 2005 till 2015 you waited patiently ... sometimes with as little communication as an annual report ... but then you invested in Mark Pivac because you felt he had a great idea and a mixture of integrity and humble-ness which you understood that if given the funding and he surrounded himself with a solid team of professionals he could bring his dream into reality ...

To think he has had to wait for digital technologies to catch up before taking a World First outdoor construction Co-bot to (almost commercial) reality ... backed by worldwide patents ... still blows my mind and being as close as we are to a trial in Europe with the largest brick manufacturer in the World ... just think about that for a moment ... maybe then you can get a glimpse of what an angel LONG TERM investor may be feeling.

Then in 2014 Marks cousin Mike Pivac joins the team and works for NO PAY does something amazing ... floats on ASX via a reverse listing which is backed by all angels... personally I would have preferred we were going for an IPO after display build in 2020 rather than in 2015

Thinking laterally for a moment imagine a factory mounted HX churning out prefabricated walls from bricks ... sorry BLOCKS equivalent to 10,000 standard bricks per hour up to 3 stories high ... with re enforcement bars post fitted then prefab wall transported to site and fitted by crane ... why would WB want to build using clay prefab walls?? Because they own the bricks and compete with concrete prefab wall suppliers ... this is from the depths of my imagination.

Good luck to all angels and SHORT LT holders I hope your patience pays off ... to those who have never invested in FBR or have sold out... your opinion makes absolutely no difference in my world.

Now as this is my first and only post (I may post again in 5 years) I will leave it to you the EX spurts (Ex is a has been and a Spurt is a drip under pressure lol just kidding ... or am I) on HC to thank me, criticize me, interpret, re-interpret, down-ramp, up-ramp and everything in between re my post.

Ciao

Expand

Thanks for posting, its refreshing to find out what the angels were thinking, I could only surmised as most of the initial angels are still in the top 10 shareholdings they are still vested in it. It sounded like you won't want to "engage" in here anymore, which is a pity for people like me here. But I can understand, as sometimes the so called "short" LT investors/sold outs are just not worth engaging in. Good luck to all of us with FBR. I always believe that is hope, and the world does need the tech that FBR is going after.

PS:Ridolfo ?

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Last 4.1¢		Change 0.002(5.13%)		Mkt cap ! $196.4M

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