April result should be pretty good....after you subtract the...

April result should be pretty good....after you subtract the cash backing per share of 4.5c, you are left with 5c value for the enterprise which just churned out $2.2m profit for the 6 mnths ending Dec-03.

That translates to a PE of around 7 times.

The stock looks cheap and there is no doubt the historical issues of 2002 have been dealt with and the companies stong cash generation continues.

Looks very interesting now.

Coop