Ann: Investor presentation on equity raising and business update, page-6

When COVID hit, BLG did a 2:1 rights issue, to raise cash quickly with minimal dilution (assuming you participated). This one is at 4:1. It could be a great opportunity.

To me, it's a bit like someone putting a gun against my head and saying, if you (and everyone else) participate, you'll be fine. If you are an investor, it's uncomfortable, but understandable. If you're a trader - bang!

The share price of the company is (I assume) at an all-time low. I assume that is why they looked at delisting because they probably couldn't see how to raise without massive dilution.

We now know the key institutional investors have taken up their rights (and shortfall). We don't know what the retail investors will do. The good thing is the retail shortfall will be offered to others, so that should help raise more. A successful raise puts them in a much better position for any other strategic transactions they may consider. If something does eventuate in that area, I would expect the SP to be higher, not lower.

The value of my original investment in PVS is now more like an option to participate in this entitlement offer. I think I will and pick up some shortfall too. I will probably go at least 5:1 and keep that extra holding for capital gains tax management. Highly speculative, but if their business gets back to normal and they fulfil their vision, in 5 years the SP should be "a lot" higher.

I'm hoping helping PVS through difficult times will be rewarded in the future.