yeah at such a significant discount to current market price its...

yeah at such a significant discount to current market price its dissappointing ord shareholders cant participate - however given the recent rise, any average over 5 days was bound to be at a big discount. i note that in the shareholders update ama is forecasting NPAT for FY08 of $7.5 mill. Following the cap raising there will be 110,000,000 ord shares. Forecast EPS is therefore 6.8cps. This puts AMA at current price on Forward PER of about 14.5. Suggesting pretty fairly priced for a small cap company without any significant history coupled with the risks associated with a number of acquisitions. On the upside, AMA now has further cash at their disposal for further acquisitions. The beauty of the industry dynamics appear to be that acquisitions are made on very attractive multiples, suggesting almost immediate earnings accretion. Therefore if some further significant acquisitions can be made on good terms current earnings forecasts by the company could prove to be conservative. I am happy to wait and see what happens.

"above is unqualified opinion - DYOR"