Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-4

Rusty, I suspect the old directors would have done that, but not the new team, which is why PVL have $0 cash burn for the quarter.

These new directors (appointed by the major shareholder Capital H) are incentivised with options and are totally aligned with shareholders that reducing operating cash burn is important -- it is the 1st pillar of their strategy.

Bringing PVL to neutral net operating cash is an excellent step in the right direction.

As to the NTA uplift, the new team have been in the role for circa 1.5 years, to have already achieved an NTA uplift (with multiple portfolio companies), since investing in new companies <2 years ago is a great sign that PVL is onto a set of winners.