is rhg worth 110m

Trading at 31.5c RHG has a market cap of just over $110million.
That is the indicated value of a loan book, that can only run-off from the end of this month and of which RHG it is questionable whether RHG can even obtain further fund for the book.
In these circumstances do you consider the current market price reflects the true value of the remnants of RHG - I would suggest not.
Maybe about 1/2 the current price is more appropriate. That is not to say the loan book may be worth more to an institution with a much stronger balance sheet.