brumby fast forward to jan.2010

As ive been saying bmy needs more time & i did say that the trading opportunity would not eventuate as per the 50% so in fact its held its ground,if you do the numbers then in the longer term the 1/2 entitlement plus the oppies & the 12.5m unlisted oppies held by management sets bmy up for serious potential beyond the oppies exercise date of january 31 2010. my calculations are the following...

last quarter cash:$1.8m
1/2 entitlement:$2.75..for exploration
current shares:36,697,916
shares post entitlement:55,046,874 options:18,348,958....15c jan.2010..($2.75m)
unlisted:12,500,000...20c jan.2010..($2.50m)
total options:30,848,958......($5.25m)
total shares after all options exercised is:85,895,832
total cash:$7.05m,as all exploration is paid for by the 1/2
less say $500,000 for other expenses,so at or on 31/1/2010
BMY say 86m shares
$6-6.5m cash with exploration paid for,that is a look to the future.management have got it right as the money that will come from the oppies is in effect a performance bonus for everyone,the big deal is getting the unlisted oppies exercised as it doubles the cash they got on the 1/2 so they have on their hands 1. 3 pilbara iron ore tenements the will have been yielding drill results,2.less than 90m shares plus in the vicinity of 3. $6-6.5m cash,when you look at it from a longer term view the bigger picture will appear plus you have some gold projects at frances furness & brilliant well that look to be very promising,but time is what is needed,slow & steady will get the prize..lt