I feel this is cheap with the company in wind down and only...

I feel this is cheap with the company in wind down and only $1,600,000 left in debt to be repaid before cash is returned to shareholders....

The past few months AKF has been recieving $600,000 paying down debt so the remaining $1.6 million should be repaid by years end.

From annual report first franked dividend will be paid after first quarter 2014 as per below cut and paste from annual report.

This is not far away and a good return on money in my view...

Profit Reserve
The profit reserve remains static at $1.01m. In addition, $2.8 million of retained earnings remain in ARC legal and will become available as this subsidiary is liquidated. Current year profits of Ask Funding Limited are expected to be transferred to the Profit Reserve for the future payment of franked dividends.

Target return to shareholders
The company continues to target completion of the run down by 31 December 2014.
The estimated target for the return to shareholders has declined to 20-22 cents per
share as a result of the more conservative stance taken on carrying values and
forecast loan recoveries.
It is important to note that the targeted return to shareholders is based on internal modelling which have not been independently verified or audited and fundamentalto this modelling are a large number of assumptions which may or may not prove to be
correct.
It is also important to note that the targeted return to shareholders reflects the current
expectations of the Company about future events. These expectations involve known
and unknown risks, uncertainties, assumptions and other factors that may cause the
actual events to differ materially from the expectations.
The Company cannot give assurance to shareholders that the future events which are
the basis of the expectations will in fact occur. Accordingly the targeted return to
shareholders should not be considered to be a proxy for the current per share value of
the Company.
Bank Facility
During the period the Company achieved an agreement to extend the term of the Senior
Syndicated Facility with its financier, Bank of Western Australia until the 30th November
2013.
On the 30th June the facility was drawn to $3.8m. Subsequent repayments have
reduced the facility to $2.2m on the current date.
On expiry, directors forecast the facility balance will be between $0.3 and $0.9m. Based
upon the low expected balance on expiry, the Company’s consistent history of
repayments and a favourable ongoing relationship with Bankwest, directors are confident
the Facility will, if required, be extended until repayment in full at the end of the current
calendar year or very early in the new calendar year.
Timing and Form of Shareholder Returns
Longer than expected loan duration has delayed the targeted date for funds to be start
being returned to shareholders. Directors are confident the Company will be in a
position to begin returning funds to shareholders during or at the end of the March
quarter 2014.
Directors are aware of the value of franked dividends to most shareholders but also
cognisant of the fact the Company’s’ share price has been trading at a significant
discount to the forecast return range. Both of these factors will be considered in
assessing the manner in which the Company returns funds to shareholders.
At this time directors favour funds being returned first via either franked dividends and/or
on-market share repurchases. Once Bankwest is paid in full, directors have full
discretion to declare franked dividends (up to a maximum of the balance of the
Company’s profit reserve) or undertake on-market share re-purchases (up to 15% of total
issued capital) without requiring shareholder approvals.