Value of Investments and Financial Assets?

Worthwhile taking a look at AVC. As at 31 Dec their key assets were;
Cash - $7m
Receivables - $10m
Investments in Associates - $7m
Financial Assets - $8m

Important to note AVC has;
- operating cash burn of $8m pa.
- the only real value in the investment in associates is its interest in US Opportunities Limited - $3.7m. Questions remain on the Odyssey, Goph and Impact Investments on their carrying value as minimal information to support their value.
- financial investments are likely to be impaired as well as USQ down from $1.38 (IPO) to $1.00 and may come under more pressure if it needs to raise capital if leverage is too high. The only investment likely not to change in value is its $1.5m investment in Luxury Escapes.

Therefore the value for investments in associates and financial assets likely to only be in range of $7-$9m. Net assets likely to be closer to $20m at 30 June not justifying current market cap of $70m in what is a very challenging market for micro cap private equity. In markets like this should be trading around or below NTA - not 3.5x NTA and ceasing the buyback.