mcap 9m cash 14m receivables 10m no debt

It seems that someone just couldn't wait...

In 7 days, shareholders are almost certainly going to approve a 20,000,000 share on-market buyback (16.5%). This will begin immediately after approval.

And yet someone decided that they couldn't wait for those 7 days, and sold their parcel at a 23% discount to the last traded price.

No complaints here, I am still buying. : )


But really, there is only so much you can discount a share based on a lack of certainty of strategic direction.

Over $14m in cash, $1m ATW Gold shares , and another $10m in receivables, the next $3m of which due in July. And no debt.

This on a mcap of less than $9m (at $0.073).


Yes, we don't know what BTV management may invest in. They might buy something that is REALLY overpriced. But sheer weight of numbers would suggest that any acquisition is likely to be at least fair value, if not very cheap. because let's face it, there are not too many overpriced assets out there!


(And it is possible that BTV management may not even get a chance to make that decision, if someone decided to take matters into their own hands. Management only hold about 10% of shares. The danger price for BTV in terms of a takeover is 14.5 cents or less, as at this price none of the 15 cent options are in the money. Or shareholders may decide they would like their cash back...)


But really, what have you got to lose? At 2/3rd of their cash position, and just above 35% of NTA?


There is ALMOST NO ONE buying BTV at the moment. And that suits me fine.

Because the price ALWAYS catches up with the cash, sooner or later.


Disclosure: 2,020,000 shares held directly. Some others held by associates.

I also like A1 Minerals, and Troy, if cheap gold companies are your thing...