I guess if they can get a situation where NTA is 2B, low corporate debt, and asset level debt of 9b. All you need is a 10% recovery in asset prices and the the NTA jumps to 3B. That said spread over 10B shares that is 20c to 30c valuation.
Still I can't see how they can be issuing so many share, and be selling half of DBCT. If they are selling half of DBCT then dilution should be far less.