MC $20m, cash $3.7m, generating $4m in cash per annum

Cash is up by about $1.9m from end of December 2013, and now stand at $3.7m.

TCN should be generating about $4m in cash a year.

Market cap is about $20m which give it an E.V of $16.3m vs cash generation of $4m per annum.

A low profile, cash-cow techie company.

Just too cheap at 9c.

No wonder sub/holder has been accumulating.

Also a 25% dividend.

And management is not afraid to buy business if opportunities arise, that show last year from its acquisition of Statseeker which is earning accretive.