I don't expect much action here, as there is very little...

I don't expect much action here, as there is very little interest in this stock at the moment anyway, and will be even less in the long-dated options.

However, for the sellers, expect an announcement soon regarding shareholder approval for another 10% buyback - for those who want to exit, your chance is coming soon...


I am quite happy to wait, and for the impatient to be 'bored into selling'.

The more impatient the sellers get, the cheaper the buyback is for holders, and the more each share of mine is worth.


We may differ as to what the outlook is for the company... how the money may be spent, or whether there is a better alternative use for the funds. Some may view the Gullewa disposal in April as perfectly timed - others may see the disposal as a big mistake. But that is all just opinion...

But the facts are not in doubt:

NTA per share was 19.77cps at 27 October. Cash, receivables and shares. This is less than 36% of the last traded price.


So in order for BTV to become worth LESS than its current share price, BTV management would need to make 64% of its NTA disappear.

Difficult to do, at the best of times. Even harder to do in a market where equities are so oversold.

Or put another way, a purchase in BTV at 7.1 cents, were BTV to rise in price JUST TO ITS NTA, would return 178%. This assumes no value adding by management. Just that the price rises to reflect fair value.

Were BTV to rise JUST to its cash backing, the return is around 55%.


But DO NOT let me influence you. I welcome sellers. I NEED sellers. If we agreed on value, how could undervalued shares ever be purchased?