opening price, page-17

JOJO

Saying something is cheap and not providing facts is nothing but ramping. I suggest that you do a proper valuation on the company's books and provide the facts.

Don't talk about cash but earnings on a recurrent basis. I suggest that you look at the operating margin in last year's annual report (25.9%) that is, for the 30m revenue the oeprating profit was 9.32 million. The average cost of capital for BTA is something like 11% - pretty high I reckon.

If you talk about cheap talk about value.