Just reviewing all the recent new from my PVL holding and noticed yesterday’s announcement. (I highlighted the financial benefit).
SALE OF A PORTFOLIO COMPANY INVESTMENT
Powerhouse Ventures Limited (PVL) is pleased to advise shareholders that one of its
portfolio companies has entered into a binding sale agreement and PVL has
subsequently signed to sell all its non-controlling interest in this asset. Settlement
for the transaction is due on 1 November under standard completion obligations
and contingencies. On settlement, the sale would realise approximately $790,000
cash and add approximately 0.2 cents to our Net Tangible Assets per share.
Due the strict confidentiality obligations requested by both the Company and the
Purchaser, PVL is unable to disclose the entity particulars of the sale agreement at
this juncture. Given that our position is a minority, non-controlling position that
cannot effect the sale, it is our view that such additional details are not materially
important to PVL shareholders.
PVL will provide a broader portfolio update in our next quarterly and expects to be
able to provide further information on this sale to shareholders on completion.
In our recent strategy updates we have highlighted that the duration of the PVL’s
investment portfolio is improving and this sale is a great testimony to that. We are
pleased that our balance sheet quality continues to improve so to enable us to
effect strategic investments which are more active (additional equity, potential for
ongoing consulting style revenue) and / or more liquid.
James Kruger
Executive Chairman
