Ann: AGM Presentation, page-3

So let me get this straight.

If you go by 2014 financials, there is:
- 94m in Cash + receivables
- Total Liabilities of $76m

That's a net cash+rec position of 24m. At $1.17 per share (current), there's a MC of 102.5m.
So approx 25% of what you pay is in cash... and we're not including a substantial order book and other assets.

Just wow.