Ann: Investment in Saccade Analytics (NeuroFlex), page-4

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T.E.P.

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26/04/22

10:33

Post #: 61014088
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Originally posted by T.E.P.: ↑

@Klue,

It is a difficult balance isn't it? Private companies have no requirement to disclose the size or valuation of funding rounds. Fortunately, you can piece it together, however, from media releases for the majority of the companies in the portfolio (and the recent investments) and a bit of digging.

I believe virtually all information required to make a rational, data-driven investment decision here is available, but it is often delayed. Percentage ownership details for the investment in Saccade Analytics (NeuroFlex) should be available in the next half-yearly report under the notes to the financial statements.

A$435,000 was invested in Courseloop in Dec 2021 for a 1.4% ownership stake, which implies that funding round valuation of Courseloop was A$31m. All hypothetical, but if Courseloop was able to manage a A$150m IPO in 6-18 months time, Courseloop's stake would be worth $2.1m which would — added to the existing NAV of A$7.6m — justify the current market cap of ~A$9.7m (at 8c). The IPO of Courseloop is not my speculation it has been indicated by PVL in an ASX release.

PVL then also has promising prospects in Skykraft (A$250k for 2% ownership: ~A$12.5m company valuation), FirmusGrid (A$250k convertible note, ~A$275m company valuation), Flomatrix (A$200k SAFE note investment) and Saccade Analytics (NeuroFlex). In time, if any one of these companies could become a unicorn, PVL would produce a strong return in its own right, even if all other companies in the portfolio stalled. There is also talk of an IPO of Firmus Grid this year as per a Dec 2021 AFR street talk article.

The quality of the new investments since the new team has taken over has been materially higher than historical investments made, in my opinion. If this track record and level of access to high quality private companies continues, I think the share price will take care of itself in time, but it certainly won't happen overnight, as you say, it requires a long term view.

At the end of the day, If the share price doesn't reach >20c, James Kruger doesn't get paid.

Moreover, Capital H has the performance and reputation of their new Active Fund on the line here. That's the sort of skin in the game that normally (but not always) leads to great outcomes for all involved, including shareholders.

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A correction to my above post, as of this last quarter (ending 31st March 2022), PVL now has A$6.02m in cash reserves, following the successful A$2.47m capital raise after costs.

PVL Price at posting: 8.0¢ Sentiment: Buy Disclosure: Held
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Ann: Investment in Saccade Analytics (NeuroFlex), page-4

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Ann: Investment in Saccade Analytics (NeuroFlex), page-4

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