Pre the IPO there was a lot of debate on this. the issues that came out were:
(1) Operating costs were too high
(2) The amount of capital being raised was not enough to really have any chance
(3) The valuation of the portfolio highly questionable (crowd funding, small rounds etc)
(4) No successful exists
(5) Track record that was marginal at best
They have all been proven to be right in my view. As you say did not take a genius to work those out. Even now you have to say they are all still relevant.
They have had a couple of exists - but these are of off-model companies so really do not reflect the value that PVL claims to add. They have had some major disasters which shows that the valuations going in were stupid.
Even their most successful company in the portfolio Invert Robotics has only managed to raise money at the same valuation as 2 or 3 years ago. These investments should be increasing in value by a lot.
Despite changes in management and board they still don't seem to understand what is needed and I think it is too late. If the Aussie government or research groups are that desperate to work with these guys then that is really sad.
PVL Price at posting:
16.0¢ Sentiment: Sell Disclosure: Not Held
