Total Systems is too cheap. It's that simple. This company's market cap at 40p is just over 4 million.

What do you get for that?

28p per share in cash at interims (that will fall to about 25p at next results say the company.)

There is a Central London Property fully owned which is worth at least 50p a share (most people reckon rather more).

And not a penny of debt on the balance sheet.

So for 39p you are getting at least 75p of asset backing.

And when you throw in their Ultima software suite, which I am valuing at zero, I wonder if you agree with me the share price is barking mad?

Why so low? They will make a loss of 0.9 million for the full year, but they recently took on a new sales team, and they delivered their first major contract this morning, signing up Capita. Revenues for that should bring them to break even within 12 months, assuming the new team deliver nothing else.

So on a worst case this company is worth 75p a share and available at under 40p.

In a bull market where value is so tough to find, TTS is, quite simply, the wrong price.

A rare opportunity imho.

This morning's contract.
Total Systems' Ultima solution selected as strategic platform for General
Insurance policy administration by Capita Insurance Services

Total Systems plc ('Total') are delighted to have been appointed as the
preferred supplier by Capita Insurance Services ('Capita') for the provision of
their Ultima system as the strategic platform for future general insurance
policy administration outsourcing contracts.

The first implementation of Ultima under the agreement is now underway.

Following a detailed market assessment of general insurance systems, Capita
chose Ultima for its cost-effectiveness, ability to accommodate all insurance
products and the ability to bring new products to market exceptionally quickly.
Furthermore the technology which underpins Ultima enables the product to deliver
sophisticated customer self-service via the web, mobile web and SMS and newer
channels such as interactive TV.

Dermot Joyce, Managing Director of Capita Insurance Services commented 'Total
impressed us enormously with their knowledge of our market and the needs of both
customers and underwriters. In Ultima we have selected a flexible system that
enables us to manage our customers' operations with absolute confidence that new
products can be introduced with minimal development activity. We look forward to
working with the Total team in the coming months'

Colin Fox, Sales Director at Total commented 'We are delighted to be working
with Capita as a strategic solutions partner in General Insurance. Capita's
needs are very demanding - they have to meet diverse customer requirements
quickly and cost effectively - and Ultima has been designed to achieve just
this, and in a multi-company, multi currency environment. We are looking
forwards to building a long term relationship with Capita which delivers a new
level of service to the GI market''

I'm saying this has past the bottom.

Hawick-Forget about a Predator as per your last message as the CEO owns the majority of shares. However it is feasible he may decide to take TTS private or sell out to a rival(IMHO far less likely considering the current market cap compared to 210p share price a few years ago-200/2001 ?)