Good to see the sellers being absorbed. Yes selling to make a...

Good to see the sellers being absorbed. Yes selling to make a 3-5% profit on a illiquid stocks makes no sense but then again that's the game of traders and how many do you know who have done well overtime doing so? If you bought lower than the CR price, you would not very smart to wait for the end of the SPP to sell either.

BCT will be making a NPAT of ~ $2m in FY21 on minimum volumes locked in and assuming no new customers or orders over the next 2.5 years. Market cap is $32m ish.

Interestingly, Canva reported a NPAT of $1.8m for FY18 (from a loss of $3m in FY17) and has rejected a bid of $1bn for it...

Without discussing the merits of both (different markets, products and audiences..and one has a unique product/technology with no competition.. thats BCT), my point is that BCT has a clear appeal to private equity at this level as it would comfortably attract an exit valuation 5-10x higher based on its achievements, potential and PE transactions. Ironically, PE can buy better businesses at much cheaper multiples on public markets than in private circles.

Unfortunately listed equities are slower to recognise the upside (or in this case the achievements to date) and I hope that does not lead to a low ball bid of 10-15c for the business down the track.