FBR: Fast Brick Robotics capital raising plan hit by delay bid

[Pelican Press 0]

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FBR: Fast Brick Robotics capital raising plan hit by delay bid

The Takeovers Panel has knocked back a late bid to delay the vote on a major capital raising by building robot developer FBR.

FBR — formerly known as Fast Brick Robotics — raised $6.3 million through a placement to institutional investors including Boston-based fund Fidelity International.

The company needs the second tranche of the deal to be approved by shareholders at an extraordinary meeting scheduled for Tuesday morning.

But shareholder Bob Ciesla had asked the Panel to hit the pause button.

According to a statement by the Panel released by FBR to the ASX, Mr Ciesla said the company was asking shareholders to vote on “highly complex” items without a full explanation or independent valuations.

He wanted the company to find financing options that would not dilute shareholders, including loans, and an interim order to defer the meeting.

The Panel late on Monday said it would not delay the meeting.

FBR chief Mark Pivac said the company looked forward “to playing its part in solving the housing crisis in Western Australia”.

“FBR has complied with all its obligations relating to its upcoming general meeting, and the Takeovers Panel will assess the application on its merits and proceed accordingly,” he said.

It comes after a leadership shake up at FBR, which is based in Perth’s east. Mike Pivac exited the chief executive role in mid-April and handed the reins to cousin Mark Pivac, who had previously been chief technology officer.

Glenn Cooper resigned as a director at the same time and FBR’s board was reduced to four positions.

The company has pledged to cut costs by 70 per cent.

Shares in FBR last traded at 0.6¢ each.

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