Out of laziness, I failed to look at Goodwill on the balance sheet before. There's only $19.6m of Goodwill in total.
This means there can only be, at most, 19.6m of Goodwill write-down, hence a minimum of $30m writedown on plant and equipment.
As such, the total PP&E will range from 304m to 324m, not including depreciation. There may be more write-downs to be had, but asset values well and truly cover market cap at this point... Almost a BOL scenario!
Worth pointing out the Samsung contract discrepancies may lead to a hit to earnings, but time will tell.
Ann: NRW Holdings Operating Update, page-15
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