Just crunching some numbers about BTV's buyback, and its effect...

Just crunching some numbers about BTV's buyback, and its effect on the book value per share.

Let's start with now - 133.284m shares, NTA $24.6m*, so book value per share of about 18.5 cents. (Current price is 8.0 cents.)

*(this is only approximate, and conservative - but it is near enough.)

13.195m shares (max) to be bought back.

After buyback - 120.09m shares.


If average buyback price is $0.10; book value becomes 19.4cps

If average buyback price is $0.09; book value becomes 19.5cps

If average buyback price is $0.08; book value becomes 19.6cps


So, the VALUE per share increases by about 1 cent per share, or 5.4% of what the value per share is now.

The PRICE per share will of course go up, with the price already going up 21% today, supported by purchases of only 286,544 shares - at least 12,08,456 still to be bought back!


But before or after, the market price of BTV is TINY compared to its asset backing; it is trading at only 43% of its NTA, even after today's 21% price increase.

NTA 18.5cps now, 19.5cps after buyback.
Price Today 8.0 cents