I just did a quick analysis of the amended payment schedule for...

I just did a quick analysis of the amended payment schedule for the Gullewa proceeds:

.......... BEFORE .......... AFTER

2009.......... $3m.......... $1.5m
2010 ......... $3m ......... $1.5m + $1.5m
2011 ......... $4m.......... +$1.5m

Total ......... $10m......... $10m

So the effect is that payments for 2010 remain the same ($3M). The only change is that $1.5m is deferred from 2009 to 2011.

BTV receives 8% pa on the (effective) loan extension of $1.5m, far more than prevailing interest rates.

Also because BTV has an option (but no obligation) to take ATW Gold shares rather than the cash, the option over the deferred $1.5m has longer to run, increasing its value. (there is greater chance ATW will be over C$1.00 in 2011 than in 2009).

Meanwhile, I am still accumulating, just ahead of the buyback. 2,100,000 shares now.

It is a ridiculously easy strategy to buy just in front of the buyback, knowing that your purchase is supported by 20,000,000 of buying power (16.5%), and the share itself is supported by a cash backing of 11.1cps and over 20cps in NTA.

Also, it seems strange to me that anyone would sell into this buyback at prices LOWER than the buyback a few month ago - the company has already show itself willing to pay 8 cents to buy back shares. Barring the restriction the company has on the WAP from the previous 5 days prices, it will pay 8 cents (and probably more). Why sell for less..???

Oh well, let the sellers come. All the better,