Some good points there @T.E.P., I can only add my 2 cents worth...

Some good points there @T.E.P., I can only add my 2 cents worth from holding some HGV shares rather than PVL, so I probably have a bias from that perspective.

It is hard to be too confident of HGV liquidating assets at NTA, but I am hopeful, and news flow in the last few weeks can't hurt. (massive gains in ETFs focused on the cannabis sector). Last I heard on the major position of theirs in Weedme is it at least appeared this was a company that was growing revenues at a rapid rate and realistically could be quite profitable quite soon. The fact that HD Capital Partners will be needing to grow the NTA to get performance fees gives me a little hope that they themselves believe the NTA is somewhat realistic. Might make sense to be skeptical though as if Weedme was that great maybe they would have achieved a liquidation event at least a partial one already.

At the moment both PVL & HGV circa half the NTA. If one of the 2 achieved liquidation events of significance, then I would guess the discounts would close on that one and maybe not necessarily the other. In that scenario although a merger helps with scale and reducing fixed costs, it could be a tricky balance to strike a deal that is fair with both sets of shareholders. Once again admitting my bias at this stage only holding HGV, I would prefer initially they try and pay their own shareholders a franked dividend if possible. I believe they have a sizeable franking balance, and they did have an intention to pay dividends if possible so I think that would be the fairest action in the first instance there.