If the SP hovers around the 10-13c mark for the rest of the year and the options get exercised (perhaps with an underwriting arrangement), then BIT will have perhaps $10-12m in cash reserves: $10.8m + $2.1m (at 6/2011) - underwriting costs - 6 months running costs).
This gives a cash backing of 4-5c per share, and an enterprise value of 5-8c per share......... which is not a lot. The market has significantly underpriced this, for the moment.
An underwriting arrangement may be one way for a significant stakeholder to take a position.
bito, page-41
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Last
2.0¢ |
Change
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Mkt cap ! $17.59M | |||
| Open | High | Low | Value | Volume |
| 2.0¢ | 2.0¢ | 2.0¢ | $2.95K | 150.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 10 | 1679605 | 1.9¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 2.0¢ | 238722 | 4 |
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| BIT (ASX) Chart |