Just guessing as I don't know much about accounting wouldn't you also add cash on hand {38.1m june 2013} and 9.7% Equity stake in Aspen parks? $1.10 is a long way off the $2.20 they state.
They have taken a massive cut in rent at Karratha from 13.5m to now 3.3m. plus they need to spend .6m on renovations.
nta, page-3
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