Well, thank you for telling me your point-of-view OP!
Mine is pretty simple. Here goes...
The bonds might be real, or not.
ERGO might invest in PFNO, but not wholly until they see how they want it integrated into their business plan IMO.
The real value in PFNO is any real estate holdings they may have portfolioed.
It is valuable for ERGO to gain access to the US market. But, there seems to be a Everlast franchisee in the US that conflicts in my mind how it will be of importance here. Maybe they are positioning for S.A.?
If RDG is right and it is 23 cents per share, then we will all be wealthy except those who flip. Doubt that estimate is substantiated by audit.
What is certain from the last run-up, in my opinion, is the float is very tightly held and the bid/ask ratio to float will make it zoom once the flippers come in after ERGO's buy-up of PFNO retail shares. It should be fun and result in a mega-run for a few days.
GLTA
PFNO