annual results in - looks good, page-5

re: company presentation Went to a presentation by Imdex's MD in Sydney yesterday. All seems positive. Company has been recently valued at 37c by a couple of recent reports, see

http://www.imdex.com.au/files/Fosters%20IMD%20Report%20080905.pdf and
http://www.imdex.com.au/files/Stock%20Focus%20ImdexIMDSept05Updated.pdf

I get the distinct impression that CY06 will result in Imdex beating these numbers, particularly though the upside to the SamChem business. Dividends are also likely to start I think.

The company is now very strongly cashflow positive, leaving the company in a position to possibly (in my view of course) think of another bolt-on acquisition next year. The company is also aiming to increase activity in China, but through some sort of separate entity that would not expose Imdex to any capital risk. We may here more on this once things have developed to a stage where it is material.

The current eastcoast raodshow should hopeful raise Imdex's profile amongst new brokers / funds and give it some momentum towards a fuller value. It is currently only on FY06 PE of about 7 - something I don't believe reflects its growth profile and only relative moderate risk profile.

angus

I own 'em