The ASX listing for PVS hasn't worked out as planned, so they...

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.