Just started looking at this company. Not sure what to think of...

Just started looking at this company. Not sure what to think of this. It seems like a nice discount to NAV, but if they were to liquidate everything - everything that is liquid right now adds up to current market cap. HVT $5.85m (9c instead of 10c at 31 Jul) + ENTG.V $4.42m + $3.3m cash + $4.6m tax refund = $18.17. The illiquid unlisted shares will be difficult to get rid of, especially in current environment of not being able to list. I think listing was the main exit plan originally for many of these.

The Embark Ventures also seem to have no incentive to perform. They get a ~1% flat fee based on NAV every year, with no performance fee. The performance incentive portion is the 1.2m performance shares which are all way out of the money. The term is for 3 years. What's to prevent them from off loading Embark Ventures' other failing private investments into this vehicle before they leave?

Probably why there is such discount to NAV