Ann: Update - Notification of buy-back - CAA, page-2

Trying to understand why CAA evaluation is so Low

M/C = $172M Net cash= $69M E/V= $103M

NPBT 29M (Annually) To E/V$103M = X 3.55

NTA = $11.25. Share price is 10% lower

accumulated Tax losses $72M A few more years of not paying Taxes, thereafter if profits stay the same, NPAT (After Tax) will decrease
to around $20-22M annually. on an E/V of 103M , PE is 5

I have No idea why they don't utilize these Shares BB for the next few years to purchase as many shares as possible ( golden opportunity)
unless ,They want to acquire OR expand operation.

Thinking of selling half of my holdings as i lack clarity on this low valuation for a few years now