Ann: Strategy Update, page-2

Really solid update! Investing in listed equities to drive liquidity and establishing a consulting arm are the right moves to enhance shareholder value creation.

Some of PVL's portfolio companies have a serious chance of becoming 'unicorns' - eg Skykraft with its potential to monopolise air traffic management over the next 2-3 years and Liquid Instruments ($120M valuation with Lockheed Martin Ventures as a key investor).

Having a share price that is half of the current NTA remains unjustified - particularly with the strong potential for NTA to climb much higher off the back of the portfolio companies re-rating.