paul 52 i have now won my bet, page-4

Could not agree with you more Paul! One thing the broker did say in that report was that 12m was the expected profit for this financial year.

Current market cap is 188m approx with 83m shares on issue and PE of approx 56:1

At a profit of say 11m so as to be more conservative than the broker and what i think is a closer to the mark for FY04/05 and at a SP of 3.50 the PE would be 26:1 and the following year FY05/06 with a projected profit at 21m with SP at 5.00 the PE is 19.7:1...

Now the fact that they have stated no further capital raising as they organised debt with Harris bank in the states means that there is great further potential for growth and those numbers above will create a price that is not overvalued. Do your own research but i certainly hold and will remain holding.