And don't forget that total bank borrowings, i.e. debt, is...

And don't forget that total bank borrowings, i.e. debt, is currently $89.7M.

Will they lower their gearing with their cash balance, OR, will they use their cash balance to grow in hope that they control their gearing and simultaneously continue to post a strong net earnings figure? Its the old catch 22.

I think the sell off has been overdone, but not by a whole lot. Their current EV is a notch under $200M, and with their revised earnings of $32.5M, they're trading at a PE of 6.15. On a good day (PE 7.5) this is barely worth more than 50c. That's a nice 20% bounce from these levels, but I fear the knife catchers have an average price above that mark anyway!