As of yet we haven't seen what Powerhouse Ventures Limited (also variously known as Aliwa, Altor and Burleigh Ventures) intend to do as far as I can see...
But from where I stand, this feels like we are being raided for our cash.
You can quickly do the numbers from the Form 604's (Notice of change of interests of substantial holder). PVL have bought a little over 10% of the company for $950k. We have roughly $18m in the bank, a shell company and a bit of IP. Take away roughly $3m for shutdown costs and this leaves $15m + they can vend the shell and the IP. They currently (as of 31 Dec 24) have about $2m in the bank minus what they have spent on procuring PER lately.
They could easily install themselves, chop up the company and cash out $1.5m back to themselves for an easy 50% profit. A great, easy and quick win for them, not so great for us who are hoping to stick it out and see if we can regain some shareholder value with a new pipeline.
OR
They are going to change the company into their investment vehicle following their corporate advice, for which they will charge PER, in effect double dipping, draining our cash resource from all shareholders to just them.
EITHER WAY
They are venture capital/investment company. Their website seems to indicate they specialise in clean tech investment and providing advisory services. They aren't a biotech firm and medicine/pharma isn't mentioned anywhere on their website. Their job is to return as great a return to THEIR shareholders (not us) as possible, as quickly as possible. They make their money moving money around looking for opportunities for profit. Why go to the difficulty and resources and time of standing up their own board, shopping for partnering deals, and then managing PER's way back out of this hole - all in a sector they are not experts in - when you can make a quick 50% overnight and move onto your next thing.
Personally I don't feel their interests are aligned with that of other pre-existing shareholders at this point in time... however I am happy to hear of their plans and intentions for PER going forward when they get around to releasing it.
And of course, like for any business person/corporate entity that has their own hidden personal agendas, I will need to take it with a massive grain of salt and believe only half it...
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