Ann: Letter to Shareholders , page-4

This share is the opposite of the dyslexic version of its ticker that we've both posted on earlier today... it has great management communication, but really is pretty terrible value.

At a market cap of $5.2m, I'd say we are pricing in at least $300k NPAT with growth. That probably means at least $2m pa revenue in a project-contracting business and probably really more like $3m to justify current market cap. So far, we are running at about 15%-20% of that, so sales need to double for the next couple of years to get there. That doesn't come without some strains on working capital - as we've just had. A great little business, but given they are already tackling projects they consider "large", then it suggests they'd need a lot, lot more of them to really hit the big time.

In the meantime, we are just counting on enough liquidity and the odd good contract announcement to bring in the punters if we want to make a quick buck. And, of course, the generosity and openness of management - which, to me, is all that justifies the current market cap.