Assuming the company can't pay dividends till 2018 (5 years),...

Assuming the company can't pay dividends till 2018 (5 years), and based on a growth rate of 5% and minimal new business acquisitions then the potential cash on hand would be as follows:

Opening cash per AGM date 17m + 2013 cash flow 10m + 2014 cash 12m + 2015 cash 13m + 2016 cash 14m + 2017 cash 15m + 2018 cash 16m = 97m.

This figures are based on EBITA less say 30% to take into other cash items that will effect cash flow...conservative adjustment) to try and get this figure near cash flow.

Therefore based on this, the cash would represent about $1.14 per share in 2018. Assuming the market value the Business based on 1 x multiple which they appear to be doing for some strange reason (should be 7) then add another 25m to the value. Therefore $1.43.

Based on the current share price of 38 cents, then potentially over a six year period the share price will be 375% higher which equates to a return of 62% p.a.

Based on cash alone, assume the buisiness is worth nil this is a 300% increase. This equates to 50% return each year (eventually when things catch up).

All we need now is for the market to catch up....