My view on BTV hasn't changed.They HAD about 19 cents per share...

My view on BTV hasn't changed.

They HAD about 19 cents per share worth of cash and receivables when I bought it at between 9 and 10 cents (and no net tax debt, or debt of ANY kind).

And NOW they are worth MORE than 19cps, due to the buyback, and interest yet to be received. But they are now PRICED at only 8.0 cents.

The only thing that has changed since my initial purchase is:

- the market has fallen further, meaning that there are even CHEAPER potential acquisitions out there for BTV.
- the Directors have bought over $500,000 worth of BTV shares on the market.
- BTV has so much cash, so underpriced, they are buying back their own shares below cash backing, which is highly value accretive.


'Investors' (I use the term loosely), are like small children. Their attention span is very short, and the absence of news causes them to lose interest and wander off to play with other toys. Such is the case with BTV.

Well kids, apart from the current $14m+ cash, BTV will be receiving nice 'presents' of $3m, $3m and $4m for the next 3 years! Perhaps that seems too far away for some...


Don't be fooled into thinking that you can outperform the investment decisions of BTV now by cashing out at less than half of BTV's NTA.

Of course, FEEL FREE to sell into the buyback at 8.0 cents if you want! But you will need to make ALMOST 150% on your alternative use of the funds JUST TO GET BACK TO THE NTA POSITION BTV CURRENTLY HAS.

Because holders OWN shares WORTH over 19cps. Sell them at 8.0, and you will need to make 150% elsewhere to own something WORTH the same amount.

Don't kid yourself.

Buy cheap, and wait. It's not rocket science.

disclosure: 2,000,000 shares held directly, and some...