Hi WME Holders,I am not a holder of WME, but hold a chunk of...

Hi WME Holders,

I am not a holder of WME, but hold a chunk of BTV, who recently invested in WME via the convertible notes issue.

WME and BTV also now share a common director, Neil Biddle.


Firstly, what are your thoughts on BTV investing $1.4m in WME via a convertible notes issue? Opportunistic? Or welcome cash that should allow the doubts the market may have about WME's lack of cash to be lifted from the WME share price?

Secondly, as I suggested on the BTV thread, I suspect that this convertible notes issue is not the last investment BTV will make in WME. BTV have over A$13m in cash now (post WME notes investment), and another $10m in payments due over the next 3 years, $1.5m of which will be received in July 2009. And I don't think they are in the business of making lots of small, once-off resource investments.

So BTV has lots of cash, but no direction. And WME has a great uranium project, but little cash.

Setting aside the terms and relative values for now, what do you all think about a merger?

At 7.5 cents, WME is capitalised (undiluted) at $25m. BTV is only capitalised at a bit over $9m, but has cash, receivables, and shares of $25m.


Am interested in all opinions.


disclosure: 2,100,000 BTV shares.