Ann: Powerhouse Update, page-4

"....I know after one year as chairman, the company has performed remarkably well in building the foundations to create sustantial value in the future" Mr Yardley, PVL Chairman - reported in the NBR today.

News for him - the PVL model is still falwed, you do not have management costs of $4m a year on a $10m fund. You do not sell good assets (Invert Robotics) to cover overheads, you do not borrow short term money and invest longterm.

The shareprice has gone from 34 cents to 17 cents in the past 12 months that does not reflect on performing well - at least not in the eyes of your shareholders.

It was also interesting for the first time neither the Chairman or CEO talked about the current shareprice of 17 cents being undervalued and great buying. Maybe they have been advised to be careful what they say, maybe the NTA they will report for the year ended June 2018 won't be that flash - was around NZ$0.54 cents last time they reported, or maybe they have finally realised that a 50% + markdown in NTA reflects how much they will destroy value.