Actually the $30m equates to the issued capital of PVL. This will have included buying some of the investments off different funds, but those shoudl have been done at "market value". So there has been $30m invested into PVL by way of cash and equity swap.
But agree that does not necessarily represent the actual cash invested. I assume the $12.4m that PVL quotes having been invested is the true amount. I recall reading PVL was established in 2006 so has been operating for 12 years - so I assumed that if they invested equally across that timeframe then the average life of investments would be 6 years.
My point is that PVL is soo far out of the money in terms of value created it is not funny. Even the odd $1 or 3 million uplift does not recover the economic value lost by investors. Economic Value is created only where the return on an investment exceeds its cost of capital. For VC / Angel investment that is a very high hurdle.
PVL Price at posting:
25.0¢ Sentiment: Sell Disclosure: Not Held
