Looks like PVL has sold around 2.5m Crop Logic shares - assuming on market that will have generated around $375k of cash - which they need. But at what cost. They have sold at a book loss of around $125k (30%). they have dropped the value of their remaining shares also by 30% or close to $1 million.
Furthermore they have cost other Crop Logic shareholders 30% of the value of their equity, by selling hard at the listing.
It should be a warning to people that investing alongside PVL is not smart, if they basically screw their reputation further. The Chairman said that with the resignation of the former CEO and one of the Directors they were looking for more capital markets expertise - they need it fast in my view.
their reputation and business model has been right royally screwed.
PVL Price at posting:
31.0¢ Sentiment: None Disclosure: Not Held
