Ann: Results of Entitlement Offer, page-3

$5m of the $15m cash at bank was used to pay down a portion of the AMD con notes = $10m cash left in the kitty + $5.5m ish from this raise (net of transaction costs) before taking into account cash conversion from their ~$20m of macadamia inventories so cash balance probably not far off $20m as you say. However we need to take into consideration the remaining $10m in con notes which adds the same amount to the EV. Balance of inventories and working capital facility more or less cancel each other out.

Still very cheap though if the independent valuation of the Hawaiian macadamia orchard valuation is to be believed ($45m)...

Fundamentally undervalued. Main issue remains that there is literally no buyer interest.