I think kens has it right on the reason for the independent...

I think kens has it right on the reason for the independent valuation of the patent portfolio. It should be made clear that the value of the patents as carried in the balance sheet at $47m is arrived at using different assumptions than the independent valution as a cash generating unit of $217m.

As mak pointed out previously the $217m valuation is largely meaningless and is arrived at using various undisclosed assumptions. It suffers from the same garbage in garbage out problems as DCF values do, often small changes in assumptions can lead to vastly different values. Thus statements like:

The 200 million patent valuation cuts at 20 % to the money we need.

whilst perfectly true, are for the most part meaningless.


It's hard to argue with kwaidan's take on the the imminent funding announcement. It is obvious from the results release that $40m from a cornerstone investor is not going to happen.

A twenty percent holding in POH by a big cornerstone investor for $40 million would a good result. Even having the money staged on milestones would be well worth it.

I'd be interested to know how you have arrived at those figures pos.

$40m invested @ $0.12 (generous) would amount to 333m shares, added to the total number of shares outstanding 740m = 1073m shares of which the cornerstone investor would own 31%. If they invested @ $0.10 they'd own more than 35% of the company.

The only way $40m would represent 20% of the company is if they paid $0.215 cents.

Anyone else expecting a cornerstone investor to stump up $40m at an almost 100% premium to today's price?