ouch, page-3

I haven't seen anything written in the Speculator's column yet, and his portfolia is still holding a proportion of ADL shares.

Interesting price moves on ADL given the $13M in Swiss-based Temenos shares that ADL hold have gone up yet another $4 /share since the full year report was released. This adds another $3.m+ to ADL's balance sheet, or an extra 1 cent per share, which makes the company worth around 9 cents per share based on NTA alone.

Downside is they're still burning some $7 -8m per year in cash operating costs whilst trying to build critical mass in revenues. But at least that means that the company has plenty of cash to operate for the next two years, with no threat of running out or having to go back to the market for working capital funds.