mcap 10m w 15m cash 10m receivables no debt

Hi All, Back from holidays : )

Well, it seems that some people seems to think the sky is falling in. BTV being sold by some unfortunate victim recently at 6.5 cents! Oh dear.

But there is a special name for situations like this where companies are being traded at a fraction of their NTA. It is called an OPPORTUNITY.

Fortunately, due to the miracle of satellite internet, I have been lucky enough to accumulate some more BTV at prices I wouldn't have thought possible. (disclosure: now hold 1,892,356 shares) And the directors too have been buying, I see...

Re the Gullewa disposal... I can see the point of those who think that this was a bad idea, given the improvement in $A gold prices. However, two things are worth considering -

(1) the prices at which gold assets can be bought NOW is far less than at the time of the sale (although it seems BTV is looking at BULK commodities), despite the improvement in the gold fundamentals. I tend to think the disposal was timely, and am thrilled to have BTV cashed up - wouldn't YOU like to be cashed up at the moment...?

(2) BTV still has exposure to the success of ATW in the next 3 years, by virtue of their option to take shares at C$1.00 rather than cash. So if ATW does well, so will BTV. Free leverage to ATW's success.

BTV is in the unique position of trading at less than 65% of their cash, and at less than 38% of their cash, receivables and ATW shares.

At the same time, small resource companies are very cheap, lacking in cash, and with little hope of raising it without burning their share prices even further. BTV is in a very strong position indeed. And I suspect there will be plenty of time for a well-considered acquisition or takeover of one of these companies yet. (As has been pointed out, this won't be immediately, hence the ability of directors to purchase stock).

BTV will either be taken over by, or merge with, a company who is asset rich but cash poor, OR it will buy a small bulk commodity asset at a bargain price, and have oodles of cash/receivables left over.

Either way, consider this:

If BTV shares are purchased at 7.3 cents...

(1) WHEN the price recovers JUST TO ITS CASH BACKING of over 11.2 cents, the return is 53%. (Bear in mind that even at this price, BTV is still only at 59% of its NTA!)

(2) IF the price climbs to its NTA backing of over 19.3 cents, the return is 164%.

53% return, just to get to its cash backing, and 164% return if the sp gets to its NTA!

But please, don't be influenced by me at all, as I, (and the directors), are still accumulating. : ) But don't say you haven't been given fair warning of the value.

Good luck to all.