Ann: Change in substantial holding for FWD, page-2

that's another $500k into Fleetwood
probably a better bet than the yBR bet:
here's a recent report on FWD:
• Continued spend on school builds/refurbs. The Modular Accommodation division is a significant contributor to FWD's revenue and earnings. We forecast this division to generate ~$200m revenue this year across WA, VIC and QLD, with Education sector spend around 60% of this. In the Education space, Fleetwood is involved in building, transporting, refurbishing and storing modular classrooms. • The Victorian State Budget for 2018/19 looks to be allocating around $115m for providing relocatable school buildings and asbestos removal services in the State (refer Fig 1 overleaf). Fleetwood has been a supplier of relocatable building services to the Victorian Department of Education & Training since 2010 and should be a major beneficiary of this spend, which reflects a continuation of existing funding initiatives. • WA still improving. An uptick in resources project capex is driving renewed requirements for worker accommodation at remote mine sites, and this is likely to see good utilisation of the company’s modular accommodation manufacturing facility in Perth. • Weighed down by caravan. Fleetwood’s caravan business is currently hamstrung by geographic disadvantages relative to its East Coast competitors, as well as manufacturing product volumes that are insufficient to generate a profit. Management has worked to preserve the Coromal and Windsor brands during a period of industrywide discounting, and will progress with a variety of strategies to realise shareholder value.