Well now the NBR reports a mutiny at Veritide over PVL’s takeover of control there.
Looks to me like they have effectively killed it. Another messy end, and certainly highlights the headwinds Invert were up againgst in getting through their rather successful CR. It wouldn’t be difficult to imagine that Wade put in an enourmous amount of effort, esp with Fletcher still spending a lot of time establishing the European operation etc.
Anyway the Veritide fiasco seems to show that PVL has learnt very little in how to deal with their portfolio companies.
Hydroworks, Crop Logic, Veritide and the two hounds they had substantial loans to. Doesn’t seem like there has been enough boardroom/management change yet,
EL
PVL Price at posting:
32.0¢ Sentiment: Hold Disclosure: Held
