BTV Directors would not have opted to take the ATW shares, if...

BTV Directors would not have opted to take the ATW shares, if they did not see some near term upside. ATW has just commenced production, and is budgetting for 35000 oz this year (calendar)(refer the ATW website for a recent presentation), and 50000 oz next year. Their overall margin is around $500/oz on current prices. So, for a company with a near term net $25m of cash flow, a market value of some $50m is why the boys at BTV have gladly taken the shares. There is probably 5 times near term upside in that ATW share price, imho. BTV is becoming a clever share investor !! The share price will reflect this before too long. There is no way it will continue to trade at such a hefty discount to its net asset backing.