Tempted to take a position in this one today with the offer at...

Tempted to take a position in this one today with the offer at 20c. I gave it a good look a few months ago when it was trading around the same levels, and it appears the company has made some good progress since then that hasn't been reflected in the share price.

One of the things that bothered me back when I researched the company paying a dividend and buying back shares but also increasing debt at the same time, which I thought was bad capital management even if the debt is manageable. Although I think I read somewhere that the dividend has been suspended? That would strengthen the investment case for me.

Beyond that though, the second half of last year was impacted by some genuine one-off costs, and the full benefit of the shift of manufacturing to Malaysia combined with the fall in the AUD haven't been felt yet.

The trading update back in October reflects this, and if the trend continued into the second quarter (which there is no reason it wouldn't), the half yearly coming up should read ok. Not to mention we then have whatever growth can be demonstrated with MHT which is a very interesting acquisition and could be huge if ITD can get it right.

Don't hold yet, but really close to pulling the trigger...