The directors of any public company need to act in the...

The directors of any public company need to act in the interests, and according to the wishes, of the shareholders, whatever they might be.

The sale of Gullewa was announced almost 1 year ago, and the company has had the initial proceeds from the sale for well over 6 months.

Money has already been spent on some due diligences, and a suitable company to invest in has not been found. Meanwhile, director and management fees have been paid, options issued, and the share price has ebbed backwards. In my opinion, new investors have been given no reason to invest in this cashed up company. No strategic framework, no presentations highlighting the value. No promotion on the ASX whatsoever.

A loan in the way of convertible notes have been issued to a company who shares a common director, Neil Biddle.

In a market where so many junior companies were so oversold, one wonders why BTV management couldn't find one...? Fire a gun in any direction, and you will hit a bargain. A bit of digging and you find better buys still...


Last year I invested in a small gold company, A1 Minerals (AAM), who dropped to as low as 6 cents ($6m mcap). It is now trading at 17.5, and is likely to go higher still as it nears production and the gold price surges. This is just one of many opportunities that were out there. Another was Troy Resources (TRY), which I suggested to Criterion in The Australian was a buy at 68 cents (see 25th November 2008), and is now $1.365. Please check the history of my posts on HC.


So why couldn't BTV management find similar opportunities? And why, when the A$ gold price is so high, would they be divesting OUT of a company like ATW Gold, who is just now recovering to the price at which it was at the time of the Gullewa disposal...? This is while, in the same period, gold in A$ terms has soared. Time to divest out of the gold sector? Hardly!


As an investor, there are times when you have to be patient, and wait for the market to catch up with the underlying value.

And then there are times when you realise that the underlying value is being suppressed, due to the lack of direction, communication and enterprise of management.


I think the time has come to liberate the value inherent in BTV, and return ALL the capital to shareholders. In my opinion, we need a new board, and the bare minimum expenditure, which will allow for the remaining receivables to be returned in full to the shareholders, as they become due.

This will return over 11 cents per share IMMEDIATELY, and thereafter over 10 cents per share over the next 2 and a half years.

I need hardly remind you that BTV last traded at only 7.6 cents.

This is the BEST chance shareholders have of either recovering their investments (if they have already lost value), or getting some profit out.

What makes BTV directors think that they can invest money better than you can?

BTV management needed to justify their own salaries and existence. I believe they have failed to put that case, or demonstrate how they can add value. I will leave it up to you to judge on the success of the directors (in other companies also) even during the now-past mineral boom.

I urge you all to take action, and demand your investment back, before the value that exists within BTV is whittled away.

Contact PortfolioPlus privately (see previous post for email details), with a view towards the calling of an EGM requiring an immediate return of capital.

Yaqona.