value opportunity for the patient

Current share price 35c, with about 27c per share of cash backing (total about $16 million) - NTA around 45c per share. I expect a FY11 EPS of around 4.5c. Paying a divvie with 50% payout ratio.

I think by the time of the release of the FY11 results, either CLT will acquire a business to significantly increase EPS, or do a capital return (they could easily manange one of 15-20c per share). Either one should put some life into this low liquity, sleepy stock.

I have been accumulating over past months.

angus