Australian Post, page-28

EV is still at $36m once you strip out $6m+ in cash.

I thought having ~8m options sitting at $0.50 would provide some resistance, as holders flipped them out, but it would appear not! If BCC consolidates at these levels or goes higher this will bring another $4m into the coffers and expand the market liquidity.

It reminds me of a similar situation many years ago with Amcom (formally ASX:AMM, later acquired by Vocus). They had a bunch of listed options AMMO. They no longer wanted or needed the capital and approached holders to buy back the options, sending thethe SP further upward.

https://www.businessnews.com.au/article/Amcom-flags-capital-management-plans

I'm not sure if BCC are there just yet, but if this quarterly shows another strong cash inflow, the question would have to be asked, should they seek to do the same, or perhaps offer a dividend to entice holders to convert their oppies?

With ~75m SOI, each 1c of dividend would onnly cost $750k or $830k fully diluted.

It would certainly signal to the market the strength of the ZOLEO business as a cash generating machine!

For what it's worth, I doubt it's a takeover, I think it's more likely that ZOLEO will be spun out in a separate IPO with RoadPost & Beam remaining as major shareholders. Not sure whether they'd list here or in Canada?