Ann: Final Director's Interest Notice - Walley, page-6

Nzcib,

I am not sure what other examples you are talking of.

There may well be some reason other than as stated why Wade resigned, but given the CR I am not too bothered. Fletcher seems to have a good grip on the company and at least one new director will be an appointee of big new investors. They have the cash, the technology, a strategy and revenue growth to attrack really good directors imho. PVL won't rule the roost, and they won't need money from PVL, or anything else from PVL.

They seem on track with strategy and nearly so on targets, and if they continue to be then further cash raising will not be essential, it will only be optional to accelerate growth.

I shouldn't worry about Invert if I were you, but yes a couple of the older companies in the portfolio look like hounds. Of course many in this type of portfolio ought to fail. Trouble is PVL does not appear to have learnt to fail companies and seems to have propped up some of the poor performers with loans, throwing good money after bad. Hopefully have now learnt not to loan big to dogs to prop up the value by avoiding cheap CRs.

Anyway if you are still worried about Invert I suggest you look at their CR material and watch the coming newsflow closely. I suspect it will be really good now they have the cash to put the foot to the pedal.

EL