Ann: New Loan Facility, page-9

When the deal was done with Nic to market the property he was given an incentive increase if the realised price was above US$30m. At the time EGP capital (a major shareholder) based their valuation on the land based on that, as you have. After physically going there & extensive research including recent sales they said this in their March 2020 newsletter:

"The 30-hectare asset in Clark Special Economic Zone based on recent transactions is worth between US$90-US$150m (AU$146-AU$244m, or 18.6c – 31.1c per share less any transaction costs and taxes) based on similar transactions undertaken in the area in the past year or two."

I wouldn't worry too much about the process of monetising the property, 2 of the largest shareholders have bailed them out with the loan, their priority would be to get maximum return on their investment. I’ve already mentioned Vern Wills’ large shareholding & so he too would want the best outcome.