Ann: FY12 2nd Half Update on Performance , page-2

If I am reading this correctly, NMS 8.7M in cash translates to approximately 0.5cents per share cash backing (1.7billion shares on issue).

Furthermore, NMS made 3.2M profit in the last 6months. This equates to 0.2cents per share.

This makes a 2.2 cent share price look quite expensive when you consider their inability to grow in what is a booming market.

Why is this stock valued at 2.2 cents? Are there any growth propositions outside of their ordinary business to justify this?

Am I missing something?

Ps. I've not been burned by NMS but do hold a small parcel out of curiosity sake.