When I saw the loans to Motim and Solarbright in the Annual report I much say I was concerned about the recoverability of either. Seemed to me they were propping up their strugglers.
Failures I can accept in this business, but the ineptitude and expense of arriving at a failure seems extraordinary. Surely there needs to be discipline not to throw good money after bad, but then I guess that might have undermined valuation facades.
Most worrying is how these guys can possibly enter into new investments with such a sullied reputation. Absolutely no justification for maintaining their overhead structure. They need to move to a much more passive structure until they can demonstrate that they are investment worthy.
Very very glad that Invert managed to raise a very substantial pile of cash amidst all this, albeit not on the uplift they had originally sought. Not sure what else is going well.
PVL is a very very sad picture, and Yardley and Viney have clearly demonstrated imho that they are very much part of the problem, and are totally incapable of digging PVL out of this mess.
EL
PVL Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
