Tim Odillo Maher is the driving force behind this business. He's heavily invested and has been building the business for many years.
The company is self funding its expansion (its reserve requirements) and has no need to tap the market for funds. It's very low key. Brokers have little incentive to promote it and the company just doesn't aggressively promote itself.
The lack of a div will have put income holders off, and most fickle buyers won't think longer term and look behind the scenes to appreciate what's being accomplished.
We are in no danger of a low ball takeover. Tim knows the value of his holding. About 18 months ago he did sell some shares at 36c to free up some cash and the only other time was many years ago when he sold some - to his mother!
NTA is 35c and for the first time operating cashflow is approaching NPAT. The lagging operating cashflow was my only previous concern. Very nice to see it move up, which means our profit is less reliant on increasing revenue accruals.
The div was a nice surprise. Expecting our first div would still be a year away. Personally am very confident holding this.
FSA Price at posting:
29.0¢ Sentiment: Hold Disclosure: Held
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