For anyone that's interested, the tax exemption status as per...

For anyone that's interested, the tax exemption status as per the Malaysian treasury website:
http://www.treasury.gov.my/index.php?option=com_content&view=article&id=704&lang=en

"(c) Promoted product/activity for high technology companies:
Company will be granted full tax exemption on 100% of statutory income for 5 years"

and from the AGM presentation (slide 12)
"Provide Pioneer tax status for group revenue"

So it is all income that is tax exempt, rather than portions (which applies to tax concessions based on location).

One last thing worth noting - there is about $1.7m to be paid out to Arte Mobile at the close of FY15 as an earn-out clause. Very poorly described in all documentation, but it's buried in the CR at 22.5cps.

I still calculate this to be at less than a P/E of 6, with no debt and great growth rates...