large on market buyback

The proposed 16.5% (20m share) buyback is good news for both holders of BTV, and for those who may want to exit.

With BTV trading so far below both its cash, and NTA position, buying its own shares is, IMO, the best possible investment BTV could make. It is highly value accretive per share.

Current NTA per share (as of 21st October, in the previous buyback prospectus) was 19.77 cps.


If the proposed buyback is approved, and I will be voting YES, this gives you an idea of the effect on the value per share:

If the average buyback price is 8.0 cents, and all 20m are bought back:

NTA per share becomes 22.08 cents. (last traded at 6.8 cents).

At 9 cents, NTA becomes 21.9 cents per share;

At 10 cents, NTA becomes 21.7 cents per share.


Remembering that the majority of these NTA are cash, followed by cash receivables (next installment of $3m due in 7 months), and some shares.


Good luck to all in 2009.