Ann: Investor Presentation June 2017 Results, page-2

Nothing too exciting, albeit some mildly positive news concerning the launch of new products and a contract win for the application of LGS to shallow water uses.

What an absolutely brutal downturn - the business had over 400 employees before the crash in the oil price, and had 68 as at 30 June 2017. I can't imagine it's much fun working for a company that's shed over 80% of its workforce over the last 5 years.

Still a business that's net cash and, with a ~$30m EV vs. ~$26m in net current asset value, you're almost getting the whole of the business' $89m non-current asset base (including $74m PPE) for free. With a net cash position and a $14m franking credit balance, any upturn in industry conditions and profitability is going to pretty quickly make its way to shareholders in tax effective distributions or buybacks.