PEH Chart, page-149

The reason deep value plays occur in microcaps is typically due to either a lack of understanding, or a lack a patience.

Here we have both at play I believe. A reasonably conservative valuation of the tech they have invested in and built over a number of years would be an enterprise value of 20-30m, ie over and above cash backing. Also where you attribute that value would vary depending on future dilution risks if cash reserves were low, or riskswith establishing an effective global sales network.

Given cash reserves now in place I would value this stock at 33m - 45m market cap, or 2 to 3 times current SP which just sits pretty much o. Their cash levels.

This really ticks all the boxes. Could it trade below cash backing? Maybe, stranger things have happened, which is exactly why I have kept some powder dry so I can back up the truck if it does.