Ann: Sale of Firmus Investment, page-2

Following the sale of Firmus, 50% of the current PVL market cap is now accounted for by cash at hand. Good position to be in with the risk-free rate (10 Year Treasury rate) currently at 4.21%. (PVL can earn ~$135k p.a. in interest income).

Firmus's recent partnership with ST Telemedia Global Data Centres looked promising, but as a shareholder, I am supportive of this strategy to return more of the NAV to cash (particularly for the lower conviction port co's and/or legacy investments). The greater the percentage of NAV held in cash, the lower the SP/NTA discount (in theory).

I'm most bullish on the prospects of Skykraft, Quantum Brilliance, Urbix and Liquid Instruments - and I suspect the board is too. If any of these were contemplated on the secondary market, PVL would most likely only take a premium to the current disclosed NAV.