way below value, page-8

Here is part of the report.

The Clover result for 2008 was indeed pleasing. On revenue of $21.619 million, an
increase of 31.3% over last year, the company recorded a profit of $4.135 million,
substantially up on the profit recorded last year. As shareholders are aware the profit
result for the year included a tax credit of $1.333 million as the company fully
recognised the future benefit of its brought forward tax losses. The underlying profit of
$2.802 million represented an increase of 341% over the previous year.
Directors were also pleased to pay a 1 cent fully franked dividend for the year ended 30
June 2008. As I indicated in the company’s annual report Clover has revenue losses of
$3.4 million to be utilised and hence any potential future dividend(s) may not be franked
to 100%. The company’s balance sheet remains strong with no debt and cash and cash
equivalents of $9.7 million after the dividend was paid this week. We expect cash flow
from operations to again be positive in 2009.