q why issue options

The latest announcement is strange to say the least...

It is proposed to issue options, 1 for every 4 shares held, at $0.005 (but with no mentioned strike price.

It will go to a vote for approval at the AGM on November 28.


This is very strange. First of all, at half a cent each, and on the basis of 1 option available for every 4 shares held, it would raise hardly any money at all. Check my math...:

- 133.284m shares current on issue.
- 1 option for every 4 held means a maximum number of 33.321m option could be issued
- at a price of $0.005, raise $166.6K. Why bother?

Secondly, as we all know, BTV is trading at a massive discount to its cash position. If anything, a capital RETURN or SHARE BUYBACK should happen with the surplus cash. In the current environment, few shareholders have the extra cash to benefit from such an issue.


I will be writing to John Barr with a please explain. I suggest all holders do the same. But with no reason given, no strike price even mentioned at this stage, it belies belief.

Failing an adequate explanation, expect trouble. Because this is just the sort of thing that will cause someone to get a list of all shareholders, mail them all, call and EGM and demand changes to the board, or a large capital return.

What to others think?

disclosure: 1,949,000 shares (1.46% of issued capital).