I think two things are happening Mike:
1. The 2nd half wasn't good for ZGL. If you go back and read the half year report you'll see expectations within the company were higher.
2. The market has gone crazy. This is true generally (obviously) but it could also be due, re Zicom, to Roger's revelation that he sold ZGL a while back on news that sales had slowed. I remember back in Feb the great half year report only moved the price up 20% or so. It was Roger's endorsement that gave it the kick up to 60cents. Coincidence maybe? He does have some influence, especially on lightly traded, small caps like this, so that is feasible.
I must add though, that he hasn't sold them because they've gone to the dogs. Its just that better opportunities came along (that's from his blog). Prices for a lot of good companies have come down - slowly for the last few months, then very quickly this last week. The market was higher in February when ZGL was 30 cents.
As always, best to take your guide from the company's economics rather than the market price, although the price is there to be taken advantage of.
I believe Zicom are conservatively worth around the 50 cent mark. I also believe they have a bright future, though I'll know more when the Annual Report comes out.
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