next leg up, page-18

I don't see more debt than assets, Annual report shows $57M in assets 23 M in Liabilities resulting in $34M in equity which is 10 M more than last year, they do hold $30M in intangible assets which I guess if you were going to split hairs could be considered of little value in a fire sale, however I think that unlikely.
As to future share value that's really dependent on market perception of CAJ going forward, the company does seem to have a good game plan with a regional captive consumer base, its possible the modal is scalable to say Perth or Brisbane or even Auckland or Singapore.