According to the preliminary annual report the net tangible...

According to the preliminary annual report the net tangible assets are worth $27.3 million [an increase of 17% from last year].
When you divide the assets by the 85 million shares in the company it equates to a value of 32.3c per share.
Currently at 27c the stock is valued by the market at $23 million.

In other words, there is zero premium built into the shareprice for:
(1) current assest worth (2) future profits (3) or a friendly takeover.

In my opinion the lag in shareprice is the direct effect of Joe Ganim rejecting the Axiom and Honeycombe takover offers.
One can only assume that he has bigger plans, but he sure is asking a lot of the current shareholders to wait patiently in the dark.