Court Date, page-12

From memory (and back of envelope):

Noteholders are owed $50M AUD
Book value of assets was only US$3M - so they could potentially be tax on the proceeds - so assume tax is 30%
Assume USD/AUD of $0.70

Shareholder return = k
Sale Price (US$M)= V

k = [V x (1- 0.3)/0.7 - 50] / 240
k = [V - 50] / 240

Shareholders should see a return for a sale in excess of US$50M
For every US$24M above $50M shareholders return $0.10 per share

Based on 1P reserves, I think it is potentially worth US$80M - US$100M (so 10c - 20c).
Based on the sale and purchase with Wade it was worth US$250M - but the jury is out there on how credible this is


I'm hoping for 10c-20c, but am silently praying for a miraculous recovery in oil prices and resultant uplift in valuations of oil assets which could get us back above the 30c.