Cap $11m Revenues $70m...lets see how much NPAT they can pull...

Cap $11m

Revenues $70m...lets see how much NPAT they can pull out of that revenue this year.
Only need $2m NPAT @20c to have a forward PER of 5.5x which is too low for a dividend paying stock with as you say, a nice strong balance sheet and an improving market for them.

I do like how the directors have come out to explain them selling "a few"

Very tightly held, I actually wish they'd sell more.

T20 was already over 83% and now the fund has something like 11%