Unfortunately I think BTI's (pre-merger) stake is fairly small. The Monthly NTA report says BTI's stake is valued at ~$10.7M, and that is based on the price ANZ paid for its stake in Jan 2019. Reports at that time valued the company at $300-400M, which puts BTI's holding at between 2.5-3% of the company. They sold down at around that time too and made a partial cash realisation, so previously held a little bit more.
It's good news, but I would be surprised if this has a huge effect on the NTA per share - might add 2-3 cents (which would be good news), but the deal would have to be outstanding for it to be significant from a BTI perspective.
Having said that, I still think there's heaps of upside to BTI - starting to develop a well-rounded portfolio with its stakes in Siteminder, Instaclustr, Straker, Lendi, etc, and still very undervalued relative to equivalent tech VC firms globally.
BTI Price at posting:
$1.20 Sentiment: Hold Disclosure: Held
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