Ann: Investor presentation on ASX delisting, page-4

The ASX listing for PVS hasn't worked out as planned, so they are delisting. It looks like Covid has had a big impact on that.

The small buyback is just there to help clean up those who have a small holding. The directors aren't participating because it would reduce the small amount available to others.

With a 50% reduction in SP, perhaps it is a good time to buy if you are prepared to invest directly in a privately held US company. I would expect they already have ideas on how they will raise additional capital. They will also be considering options for a possible future listing elsewhere in the world where markets better understand their business. A new listing would proabably be a way off as they would want to distant themselves from the ASX valuation.

I guess PVS has a view of the value of their business and that isn't $3.7m. This ASX listing has resulted in a miscalculation of the business value. In many cases ASX valuations do not sufficiently represent mid/longer term company earning potential ... and PVS isn't a resource stock.

So now I need to work out the consequences of holding an investment in a privately held US company. Should I increase that holding to make it worthwhile? How much dilution will happen if I can't participate in future raisings? How will I ever get my money back?

The long-term future looks bright for PVS assuming they get the capital they need. Supply chain headwinds, industry tailwinds.