Ann: Results of SPP, page-6

To BTHs defense when the capital raise was announced the share price had been comfortably above $0.60 for a bit over a month. It might be a bit rough to sit back in hindsight and suggest they should have known the market would have pushed the price below the capital raise price and therefore become worthless to current shareholders.

Having said that, the fact that they are raising in the first place still seems strange to me. Will BTH forever be roll up of other companies or will we get some clear signs of the organic growth that the company is achieving?

Whatever the scenario I couldn't agree more that the market is suggesting the company is worth much less than the offer price of $0.80. If they end up turning down the offer it would be interesting to see what the market does to the price. This does make me wonder if the capital raise and the significant delay in responding to the offer is just a way for BTH to force the offer to be retracted, that way the board can't be responsible for turning down the offer. Anyone have any thoughts on this hypothesis?