FBR falls after AGM strike

21/11/2018 - 15:38

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Shares in robotics company FBR have fallen nearly 13 per cent today, after more than 40 per cent of shares were voted against both the remuneration report and performance rights plan at the Perth-based company’s annual meeting.

FBR falls after AGM strike
The Hadrian X recently completed its first home build.

Shares in robotics company FBR have fallen nearly 13 per cent today, after more than 40 per cent of shares were voted against both the remuneration report and performance rights plan at the Perth-based company’s annual meeting.

The adoption of the remuneration report received a 41.41 per cent vote against the motion, while 41.58 per cent of shareholders did not support the performance rights plan.

A vote of more than 25 per cent against the remuneration report triggers a 'strike'.

FBR shares finished the day down 12.8 per cent at 17 cents each.

All other motions, including the re-election of the directors were strongly supported.

The news comes a week after the company announced its Hadrian X autonomous bricklaying robot built a full home structure in less than three days, a key technical milestone that was set by the company in 2015.

Chief executive Michael Pivac said the learning experience during the testing phase was significant.

“We now know what we need to do to further improve the current model of the Hadrian X ahead of deploying it in the field, and our engineers have already commenced making refinements to the robot that built the first full home structure to further optimise its performance,” he said.

“We have partnered with the largest block manufacturer in the world and have significant interest from other very large parties with strong desires to also be a part of the new era ahead for construction, and given our global partnering and product scaling strategy, we are carefully forging relationships to enable the path to commercialisation.”

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