According to the Annual Report NTC has a current cash balance at...

According to the Annual Report NTC has a current cash balance at the end of June of $27.3m, with forward projection of about $2m+ per month the cash balance is now probably closer to $37m+ if revenues are rising, receivables coming in.  On a market cap of $106m  this suggests that close to 40% of the current market cap is represented by cash on hand.  If the company's claims for technical prowess and market acceptance are true then NTC is surely becoming an attractive takeover target.  The frequent travels by executives abroad may be linked to an agenda to identify a suitor so that directors with significant shareholdings can cash in quickly given that if they started selling down in the local market there would be another crisis of confidence which would further lower the value of their holdings.  That suitor may well be a company that requires confidentiality of contracts awarded.  If the directors are not planning a dividend in the foreseeeable future then a capital return is about the only other possibility.  For the board to say good times are just around the corner to justify past investment in capital and people skills there needs to be an indication of at what point the board feels the recommencement of dividend payments will be a natural flow on. 

The current cash position and earnings of 5.45cps should enable a payout of about 2c per share with more than adequate reserves kept in hand.  Most of the capital expense build is surely behind us as capacity has been developed in the past year or two.

The accounts do not indicate any receipt of government incentives being paid to NTC for its efforts to be  a significant exporter.