Interesting post, scgay. I've been in this for a while as well,...

Interesting post, scgay. I've been in this for a while as well, for all the reasons you list, not the least of which is the financial worth of all the contracts signed off in the past six months, and the quality of the clients. It seems incredible that the market assigns no value to these successes. Perhaps the fact that it's so tighty held makes investors wary. The flip side, of course, is that when it goes, which inevitably it must, it's very difficult to get on board, which drives the re-rating even higher. I do wonder whether Mr. Goodall has a bigger picture in mind involving Temenos and the Singaporean connection, but this is purely speculation.

My overall impression is that of an astute operator with an excellent reputation where it matters most. He and his backers have seen a significant opportunity in the markets they address, (one which investors are obviously having trouble getting a handle on,) and they are going about securing that opportunity in a very methodical, businesslike way. All of which suggests a carefully formulated business plan being systematically and strategically implemented.

Your comments about the share buy back are particularly relevant re surplus cash flow. Unlike so many start-ups there is no constantly coming back to the market with rights issues for working capital. Why not? Because they don't need to.

Most interesting of all, in my view, are the moves into call centres, and in particular the recently announced Phillipines operation which Mr. Goodall called a superior location to other alternatives. Properly run, call centres, are nothing short of cash cows generating huge amounts of surplus revenue from a low cost base. And as with the type of contracts Admerex is implementing, this is stable, annuity style revenue which many companies can only dream of generating.

All in all, I hold and accumulate when I can. And if there is a buy-out, which because of the business model is possible, if not likely, it will certainly be at a decent premium to the current share price. Like you I'm looking forward to the Annual Report in February.