mcap 12m cash 10m plus 15m cash coming

Am I missing something with this stock?

When I find a share that seems too cheap too be true, I search and search for the catch. There usually is one...

But, I must say, I am struggling to find the catch with BTV.

Here's the BTV story (please contradict me if anything here is misinformed)...:

MCAP $12m (133,284,574 shares at $0.090) The options are out of the money, so I am ignoring them.)

CASH $8.7m as of 31/03/2008.
THR SALE $2.6m (proceeds from sale - see ann.30/04/2008)
GULLEWA SALE $15m

TOTAL $26.3m...

Some tax will be payable on the THR and Gullawa disposals, but there are $10.4m in exploration expenses with which to offset that tax liability.

Given that the proceeds from the Gullewa sale are received in installments over the next 3 years, the NPV of that $15m must be discounted to current day value...perhaps worth $12m...?

$23m in cash/equivalents and BTV is valued at $12m by the market....?

I can only put this down to being oversold because of the OPES/ANZ fallout, and perhaps the uncertainty as to how management are going to invest the money.


Please help? Am I missing something, or is this share worth 50% of it's actual cash value?

DYOR

disclosure: Hold 300,000. Last purchase today at 9.5 cents