Ann: Interim Financial Report and ASX Appendix 4D, page-5

Further to Caruso's comment I think we can say with some certainty that they are not a takeover candidate at these levels. I also agree that, to justify a PE ratio of near 50, we need to see more than 14% revenue growth. It's not immediately clear to me how this will happen without further acquisitions and hence capital raisings.

Having said that, I am a shareholder and intend to hold. IMHO there is a "magic pudding" effect with small companies like this whereby every company they acquire at a lower PE ratio is instantly beneficial to the combined PE of the new organisation. But they have to keep on doing it for perhaps 3-4 years just to justify the CURRENT price, let alone any anticipated growth by the members of this forum. So at the very least I would anticipate a consolidation at these levels before we see further corporate action.