Companies / FBR

FBR LTD

ASX:FBRCapital Goods
155.9M shares on issueAppendix 2A · as of 10 Sept 2026168.8M fully diluted+8.3% if every option and right converts$0.092price · delayed$13.2Mmarket cap · indicative

Today’s holders own 92.4% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 63% in 24 months; 17 cash raises in 24 months; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway5.4 quarters of funding
Share-count growth (24m)62.7%
Raise cadence (24m)17 cash raises
Options & rights overhang8.3% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

FBR LTD had a 1-for-50 share consolidation in July 2026. Following this, its ordinary share count increased by 62.7% between August 2024 and September 2026, to 156M shares. The company raised capital 17 times in the past 24 months, for a total of A$37.6M, with the latest being a A$4.0M placement and Security Purchase Plan in September 2026. Options and rights on issue could convert into 13M new shares, representing 8.3% of the current share count, with the nearest expiry in August 2028; none of these options are currently in the money. As of June 2026, FBR LTD reported A$3.3M in available cash, sufficient for approximately 5.4 quarters of operations based on recent spending. Four proposed securities issues are pending, with the nearest proposed date in November 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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8.3%
Options & rights overhang
0.0%
In-the-money supply
10
Raises · last 12 months
5.4 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Adjusted for the 1-for-50 consolidation (15 July 2026). Latest count 155.9M per Appendix 2A (filed 10 Sept 2026).
100M120M140MDec 24Oct 25Sept 261-for-50 consolidationCash raise · 7 Sept 2026Cash raise · 20 July 2026Cash raise · 20 Mar 2026Cash raise · 16 Mar 2026Cash raise · 22 Jan 2026Cash raise · 20 Jan 2026Cash raise · 4 Dec 2025Cash raise · 7 Nov 2025Cash raise · 3 Oct 2025Cash raise · 26 Sept 2025Cash raise · 5 Sept 2025Cash raise · 6 Aug 2025Cash raise · 5 Aug 2025Cash raise · 5 Aug 2025Cash raise · 9 May 2025Cash raise · 24 Mar 2025

Cash runway

5.4 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Oct 2027 at the reported spend rate.
$3.3M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $28k cash at quarter end (item 4.6), 0.0 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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13 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
10 Sept 20262A · quoted issueFBR : ORDINARY FULLY PAID155.9MAppendix 2A
31 July 20262A · quoted issueFBR : ORDINARY FULLY PAID143.4MAppendix 2A
22 July 20263G · unquotedFBR : ORDINARY FULLY PAID139.3MAppendix 3G
21 July 20262A · quoted issueFBR : ORDINARY FULLY PAID143.4MAppendix 2A
21 July 20263G · unquotedFBR : ORDINARY FULLY PAID139.3MAppendix 3G
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50 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

17 cash raises in the last 24 months · 10 in the last 12 months

every 1.5 monthsaverage gap between raises
0.2 monthssince the most recent
31 Oct 2024 – 7 Sept 2026first to most recent in this window
$4.0M
Placement and Security Purchase Plan (SPP)
7 Sept 2026 ACTIVE
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21 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Retail offer

An offer existing holders can take part in — the one structural advantage retail has in a raise. Dated recently and not yet recorded as complete.

Share purchase plan
dated 7 Sept 2026 · 5 days ago
Placement and Security Purchase Plan (SPP)

Closing dates are not in the filings this site holds. Check the company's own announcement below before acting on this.

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Offer terms
The offer price, and how it compares with the last traded price.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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7 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

No estimate — a share consolidation inside the last 12 months puts the filings and the share count in different units.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

4 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
4 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

8.3%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
12.9M
Potential new shares
Aug 2028
Nearest expiry
What this supply is, and what converts it
  • Price-triggered10.9M · 7.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered1.5M · 1.0% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms500k · 0.3% of shares
    Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 10.9M priced, 2.0M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on
6.5M12.9M$0.092 now0.25× today ($0.023) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.046) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.069) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.092) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.115) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.138) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.184) — 1.9M of the priced supply in the money, 1.2% of shares on issue3× today ($0.276) — 1.9M of the priced supply in the money, 1.2% of shares on issue5× today ($0.460) — 1.9M of the priced supply in the money, 1.2% of shares on issue10× today ($0.920) — 10.9M of the priced supply in the money, 7.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.092 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 1.9M (1.2% of shares).

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 2.0M (15.5% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
FBRAQOptionsPrice-triggered$0.508 Aug 20289.0MFiling
FBRAROptionsPrice-triggered$0.1721 July 20291.9MFiling
FBRAPPerformance rightsCondition-triggered—31 July 20291.5MFiling Meeting
FBRASNotesConverts on terms——500kFiling

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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4 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
21 July 2026Lindsay PartridgeOther12.5M———3Y notice
13 Nov 2025Mark PivacSell——75—3Y notice
6 Jan 2025MARK JOSEPH PIVACOther283.2M—75.0M—3Y notice
6 Jan 2025MICHAEL JOHN PIVACOther——75—3Y notice
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6 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

10 Sept 2026Change in substantial holding
10 Sept 2026Cleansing Notice
10 Sept 2026Application for quotation of securities - FBR
7 Sept 2026Proposed issue of securities - FBR
7 Sept 2026$PSPP Underwriting
6 Sept 2026Proposed issue of securities - FBR
6 Sept 2026Proposed issue of securities - FBR
6 Sept 2026$PA$4m Capital Raising to Drive DST and AI Robotics Programs
2 Sept 2026$PTrading Halt
31 Aug 2026$PPreliminary Final Report
23 Aug 2026General Meeting Letter to Shareholders and Proxy Form
23 Aug 2026Notice of General Meeting/Proxy Form
31 July 2026Cleansing Notice
31 July 2026Application for quotation of securities - FBR
31 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
28 July 2026Change in substantial holding
26 July 2026$PMaster Distribution Agreement for Mantis in US and Canada
26 July 2026Change of Director's Interest Notice - L Partridge
26 July 2026Change of Director's Interest Notice - S Robinson
26 July 2026Change of Director's Interest Notice - M Pivac

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.