the_jackie's posts above corrects my net cash figure down to $1m...

the_jackie's posts above corrects my net cash figure down to $1m as you rightly pointed out. The key point remains that return on equity is above 14% this year and projected to go higher than 21% next year. I also think that cancelling the equity and awarding options at 6c strike price is good for existing shareholders. The weakness is in the low capacity for acquisitions, with little cash reserve. They will have to buy with equity and the share price fall is not good for that. I hope the company works on restoring the share price by operational efficiency before going for much expansion. In retrospect, they should not have promised or declared dividends to strengthen the balance sheet.