I have not seen the latest capital raising material, would make...

I have not seen the latest capital raising material, would make interesting reading. But looked at the March 2016 offer. Based only on the dairy sector they were going to be doing $6m+ in revenues and generating EBITDA of $3m, growing to around $15m and $8m the following year.

My guess - may be wrong - is they have not hit those numbers, hence the need to raise capital. They are also chasing other sectors - is this because dairy is not a gold mine? Or the technology has not gained traction?

Where is the BIG European partnership that "slipped" out towards the end of the Equity Crowd Funding round in 2016? Nothing has ever been said about that?

At the ECF raise the value of Invert was circa $10.5m. On the basis that this type of venture should be returning 30%pa+ then in theory the pre-money valuation should be around $15 - $18m. From what i have heard the number is closer to $10m.

So in 2 years they have I suspect missed financial targets, not signed major deals, not become profitable (so need to raise more money) and have added no value to earlier shareholder.

But as you say there looks like some hope for this one for a number of reasons, they have raised meaningful capital, they have hopefully shifted PVL as far away from any business decision as can be humanly possible and I think they probably have a commercial opportunity, the valuation is now maybe much more realistic.