Interesting comments in the NBR on this. NZ Companies Office states that PVL owns around 42% of Solar Bright, not the 30% claimed by PVL ------ wonder why they would not want more shares.
Apparently this relates to the conversion of debt to equity. PVL's accounts from memory showed that they had a "short term" loan to Solar Bright of around $750k......if this has been converted to equity I would have thought that was reasonably material. In addition surely a debt that was convertible to equity would hardly be classified as Short Term.
Will also impact on the earnings for PVL as no doubt the interest on the debt was up there.
Look forward to seeing if PVL or their auditors provide some clarification and if not if the ASX asks for some hard questions.
In addition it is now revealed that they have had to pump more money into Fluent Scientific (in NBR) otherwise that comapny was going to fail.......
Cash position of PVL at 31 December will be interesting to review.
PVL Price at posting:
20.5¢ Sentiment: Sell Disclosure: Not Held
