the australian page 21, page-8

I have three points to make about comments to the press:

"I stayed at a two-star hotel in the Kalahari desert"

MY COMMENT - how many 5-star hotels ARE there in the Kalahari desert? One assumes Four Seasons and The Hyatt haven't got any.

"...directors and employees fly economy class for trips under two hours and business class for longer journeys"

MY COMMENT - they are in Perth. How many places can you fly to from Perth that are under 2 hours, and therefore NOT business class? Answer, nowhere, except regional towns. So the real policy is, they fly business class ALL the time, unless on regional flights, where it tends not to be available.


But this last point is THE most important point for holders of BTV:

This is the reason given for why there has been due diligences conducted, but no purchase of a project in the last 2 years:

"There's a misperception there's a lot of bargains around, but it's too early in the cycle".

MY COMMENT: If it is too early in the cycle to find a bargain, DO NOT expect BTV to buy anything soon, because "it's too early in the cycle."


Anyone with a stake in BTV needs to be asking these questions:

- What is likely to happen to your capital?, and
- What would YOU like to be done with it?

You all know what my views are on that.

Y