Could only find cash balance of $95m in 30/6/13 report...

Could only find cash balance of $95m in 30/6/13 report ($1.15/share)? I know they have since received $6.3m on sale of FTR which adds 8 cents to cash/share?

Similarly NTA at 30/6 was $1.04/share.

Profit from continuing operations was $3.78m before tax for half, so assuming 30% tax and conservative P/E of 10 its worth say $53m.

$53m plus $102m cash equals asset value around $157m versus current market cap of $131m. So there is value here but the market may not reflect it for a while.

Positives could be further capital return in next six months. Second half figures will be muddied by loss on sale of FTR (in books at $8.1m) so it may take until 2014/2015 to clearly see value of continuing business and supposed benefits from long running restructures and streamlining management.

Could be good 2 year investment with prospect of capital returns and value becoming evident as remaining business performance becomes clearer.