So at 12c, market cap = $5.2m and EV = $4m, and potentially $3.2m if that is correct and there is a sizeable R&D refund on the way.
FY14 EBITDA was $1.85m...so looking at less than 2x historical EBITDA. (bearing in mind that the company also has to fund R&D out of this surplus).
meanwhile the relentless selling continues....
Ann: Appendix 4C December Quarter 2014, page-17
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