NTA includes 59c for Siteminder and 52c in cash......yes there...

NTA includes 59c for Siteminder and 52c in cash......yes there is tax implications on any siteminder sale, but broadly the price of BTI will follow the price of siteminder

Siteminder has fallen another ~40c in June, so that should have resulted in ~4-5c drop in BTI but it seems to have held up reasonably well (perhaps share price was was already at a decent discount to NTA).

Can't see any major catalyst apart from Siteminder changing the trajectory of the price here in the medium term (only material investment is Access Telehealth which will only be revalued in Dec24.....the rest are Apr/May 25).

Mgmt are going to have to do something given the cash pile and what appears to be a lot of small profitable companies just not being valued correctly......not sure why they are not actively hunting these down to help them scale & grow (and ultimately profit from their investment)