Ann: Media Release - 1HFY2011 , page-10

BGL: FY10 results showed they increased book value by 40% eps increased 42% ROC 41% and DTE (Debt to equity) 0.27 hence a strong balance sheet. Management owns more than 30% of shares outstanding and they are modestly paid. Excellent growth in the last 3 years. Could potentially be a $600M company with 20-60% market share at 15 times earnings. The WiMax technology they use is the open format style in the 4G networks which plays a big part in the U.S. The recent 1H11 results showed greater demand (revenues up 51%) for the product but the fact that these relatively one off expenses caused profits to go up only about 1%, but KEEP in mind that they added expenses for the acquisitions but not the revenues. I estimate FY11 EBITDA of $8M with shares going from 88.5M to 150M profit increase of 142% less 70% dilution equates to eps increase of 72% (esp 2.6c) therefore I value BGL at 26c to 40c.