Yeah net cash of $4.7M or about 5c per share is great plus the...

Yeah net cash of $4.7M or about 5c per share is great plus the $4M odd in franking credits theorecticall they could pay a fully franked special dividend of 3-4cps. Their deal with telstra is about to be renegotied at the end of the calander year which I think is obn a 3-1-1 basis as in 3 year contract then reneg 1 year then reneg. Even so if Telstra wanted to have their own 1800REVERSE they would be better off buying REF out at say 20c as opposed to changing the number and starting again. So it may be a simple business but still has a decent margin of safety. With backing the cash out i reckon it's tardig on a forward PE of 6-7 their depreciation and Amortisation costs last year were about $600K they had about $295K in deferred tax assets at the half which will come in handy. I'm guessing $1.8-$2M NPAT and hopefully more good revenue growth out of Oz contacts which would be an added bonus.