Ann: PVL Full Year Results Investor Presentation - revised, page-7

I see they posted another document - Portfolio Report. Again with different data in it.

Most of which is probably driven by the number of decimal places for some of the investments. e.g they report Mars at $0.73 million rather than $0.70m. Not a big deal as such but they would be smart to be consistent.

For example in the graph that shows investment by stage the latest states that Post Seed if $10.5m where earlier reports had this at $10.m.

The more telling bit is that Solar Bright is listed at $0.54m not $0.5m. I recall in the Accounts they reported that Solar Bright and Motim had been written down to $0.54m. So this is saying that Motim now has a carrying value of zero.

This was a company that raised capital via the Equity Crowd funding platform only a couple fo years ago, so follows Hydroworks into the bin.

I think that Hydroworks, Motim, Crop Logic have all shown that those valuations were excessive, as was PVL's as well. So would put little faith into the "values" attributed to Pi and others.

Last comment I think it is funny that Crop Logic's Indicative Market Valuation is listed at $10-15m. Do they not realise that Crop Logic is listed and has a defined market value at any point in time.

My advise to PVL board and management, someone, any one should be double checking that the data they release is consistent - and hopefully accurate.

I would hate to think if this is the standard as to what people might find if they look at other parts of their business - are any of their investment agreements, loan agreements etc just as filled with errors.