a quiz for noninvestors guess the price

All current holders of BTV, and those who have been following the company, please ignore this post.

This only works if you DON'T KNOW what BTV is trading at.

(Often, investors (and shoppers) are influenced in their perception of VALUE by the asking price.)

So, I will give you the facts about BTV, and you can work out what BTV is WORTH, without knowing what it is trading at, and without being influenced by history, charts, or paper gains or losses... Just its quantifiable value.

I will exclude subjective factors such as opinion on management, opinion on macro factors such as economic outlook etc. THESE ARE JUST THE MEASURABLE FACTS.

BTV:

Cash on hand at 30 June 2008 - $12.483m

Cash Received on 1st August 2008 - $3.0m

Shares in ATW Venture - 2,000,000 at current price of 60 cents. (Was trading at C$1.00 4 months ago.)

Cash owing from ATW - $10m, in 3 yearly installments.

Plus, the option to take ATW shares in lieu of cash, if ATW is greater than C$1.00. - conservatively, no value assigned.

TOTAL - $26.683m (reduce by $1.5m for NPV of the $10m cash)

Liabilities - Tax owing on Gullewa sale. This is likely to be less than past exploration costs (from BTV accounts, tax offsets $11.4m, value at 30% tax - $3.3m). So no net tax owing.

BTV retains ownership of Gullewa iron ore tenements, and a small parcel of THRO. - Conservatively, I will not accord these any value.

NPV of $25m+,

with no value accorded to tenements, or the remaining tax right-offs on the books.

Shares on issue - 133m. 12m unlisted options (out of the money by 65%)

Director purchases - over $500,000 worth in the last 5 months, at current prices, on market.

History - was partly owned, and then sold off, by ANZ after Opes Prime meltdown.

Current Operations -none. Looking for potential investments.

NPV - $0.188 per share.

Okay, so now for the quiz. WHAT IS BTV WORTH?

Do your own research to confirm the above data, and then, AND ONLY THEN, check BTV's last traded price below:
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Last traded price - $0.091. (mcap $12.1m) Or 48% of NPV of cash and proceeds.