Pinned straw:
~63m Cash in the bank from latest NTA report is higher than ~59m market cap.
So one could argue that you are getting the stable of investments for $0 and the stock is cheap. I wonder if there is any upside on any of the portfolio companies from their current $60m valuations.
The only downside to that argument is if the venture fund torches the other $60m on its next rounds of investment. In their defence, a 2020/2021 vintage is particularly hard in VC with the big market reset on listed growth stocks equally hitting VC funds.
Know nothing about the companies in their stable except Sendle which I interact with regularly as a parcel recipient and occasionally as a parcel sender.
From a customer's perspective, Sendle seems like a great little business and I would have thought it was doing ok, but surprised to see the carrying value is below half the invested capital... tough times!