Ann: Appointment of M&A Specialist, page-17

Your valuation seems a little mean to me. At 10c TCN has a market cap of $22.4m. They have $2.9m in cash and based on $1.5m NPAT in H1 should comfortably do $2.5m for the year. That implies an EV/NPAT < 8 which is very cheap even for a low growth business.

Even excluding Statseeker, I would question whether this is a low growth business. They have stated their aim is to deliver $5m NPAT by 2017. The Urgent division delivered 29% revenue growth and 179% profit growth thanks to its huge operating leverage between 2013 and 2014. Total revenue has grown from $6.2m to $9.1m between 2012 and 2014 and EPS has gone from -0.21 cents to 0.88 cents over the same period.