Hi Pokerface. If the company was to distribute the 16million...

Hi Pokerface. If the company was to distribute the 16million Thor shares it owns to the shareholders then the value of the company is reduced. At the 20cents list price the investment is worth 3.6million. I used the figure of 400million shares divided by 16million to get a ratio of 1for25 but did not take into account the recent capital raising. There is now about 575million shares on issue which if divided by 16million is close to 1for36. This is a reduction in value of more like 0.55cents per share which should then reduce the option exercise price by the same. If Thor are trading at say 30cents and Batavia decide to hand them back then the capital reduction would be 4.8million which equates to just over 0.83cents per share therefore reducing the opts by this amount. Imo the Thor valuation is currently not reflected in the BTV share price so by giving the Thor shares to the shareholders would not hurt BTVs share price at all and the shareholders will have received some real benefit from the Thor deal which doesnt seem to be the case now.As an example GPN has given around 80 percent of their new spin off Yellow Rock Resources to shareholders at 1for24 and the GPN share price is above the price it was before the deal was announced. Divesting of investments often allows a company to reward shareholders more directly than just allowing the market to put its own value on it. Have a look at the history of GIR as I think that probably gives the best example of the sum of the parts being greater than the sum of the whole. Regards redfrog.My thoughts only.