In terms of my dealings and those of people I know, I prefer not...

In terms of my dealings and those of people I know, I prefer not to go into any details. If that devalues my comments in some readers minds, that's up to them.

I must admit I'm not hugely familiar with the operating businesses, and they may well be good businesses. However at an overall group level in my mind PEH is too small to be listed, and is undercapitalised as demonstrated by the significant number of private placements that have occured since listing to keep them afloat. Indeed some of the comments in ASX filings would make it appear that they have been very close to being insolvent at times, or at least failing to pay their bills on time... examples from the App 4C lodged July 2010

"External funding generally has been, and in the future will only be, needed for accrued creditors.."

"We expect negative operating cashflow for the next few quarters as we continue with our strategy to pay off historical creditors."

If the key funding to pay off existing creditors is to issue more shares at a lower price, it's hard to see how the stock will ever get some upward momentum.