That is a good point.... Presumably you'd have to separate out...

That is a good point....

Presumably you'd have to separate out the Marbletrend Holdings assets/liabilities from the Marbletrend Group ones and then use 70% of those assets/liabilities with 100% of the Group level ones. So I am thinking use 70% of all tangible assets except the available for sale financial assets, then 70% of the liabilities except for the minority interest (put option). Gets close to the $2.2m they are using.

The one thing that seems a bit odd about this calculation is that in deducting the cost of the 2013 put option for the remaining 30%, as well as deducting 30% of the Marbletrend Holdings assets, they would seem to effectively be deducting this value twice - i.e. either they are going to pay the put option and own the other 30% or they aren't.