Ann: Half Year Activities Report, page-2

So since listing at $1.07 around NTA the company has in 14 months lost 50% of its NTA value.

Based on Crop Logic shareprice and the operating losses then NTA will have fallen from 53 cents to say 45 cents (3 cents for Crop Logic and 5 cents for losses). So another loss of around 15% of the NTA in 2 months.

22 cents looks really expensive, unless you believe some of their PR (ASX announcements).

Interesting to look back one year and see the comments made by PVL at that time --- highly conservative valuations, strong management and board etc....almost all of which are clearly out of touch with reality.

Also the great line from the Chairman "we are not going to raise capital at this share price" or to that effect. My guess is no option - as shown by the convertible note issue - although 32 cents seems to be a massive miss.