Ann: PYC Quarterly Investor Call - August 17, page-14

PYC with $50m is about 10% cash where it is - which is fair - but when you look at comparable peers 3–4x the valuation they are also about 3-4x the cash. Plenty of room to build a war chest which should in turn bring a higher valuation. Stocks tightly held, but liquidity is an issue - funds aren’t going to try build a position off crumbs. It will come either with a placement or US listing - the shortfall last placement didn’t get taken up - maybe missed their opportunity ? or somebody thins their equity off market - it’s happened with #1 holder right through - most recently Hockings to Tribe.