Yes, you are correct about the dividend. As the Gullewa disposal happened after 30th June, BTV will not book the profit in the previous financial year, and so cannot pay a dividend out of retained earnings.
But if BTV did a capital return of, say 1cps, it would cost them only $1.33m.
That would leave $14m cash, and $10m in receivables coming.
And the company is valued at $10m!
They COULD do a capital return of 7.5 cps (the closing price) and still have over $5m in cash, and $10m coming.
Still heaps of cash to buy a project, and develop it. In the current market, fully-fledged PROJECTS can be bought for far less, not just PROSPECTS that are speculative.
It sounds like you are not someone who likes to invest in junior miners in any case. Best avoid the Stock, if you cannot see the logic of buying $15m cash (+$10m) for $10m.
Tell me, if you could buy THE WHOLE COMPANY for $10m, and then decide how the capital is used, would you?
disclosure: 1,340,000 shares. last purchase today.
BTV: mcap under $10m (at 7.5 cents). Over $15m in cash, $10m receivables, over $700K ATW shares, no net tax debt and over $500,000 director on market purchases in the last 6 months at 20% higher than current prices.
BTV Price at posting:
8.1¢ Sentiment: ST Buy Disclosure: Held
