PAK-Chart, page-246

@952i
I am using the same cash position as you however should have added 1m as a result of non core coal asset sale which Pak will get next year.
So here is the simple calculation:
140m heads approx. x 12.5c = 17.5m Market cap... As Pak has no debt and options have exercise price of 25c so we can't add them in total number of heads... as if we do we have to deduct the cash raised as a result of their exercise...

So EV is actually 15.5m considering in mind 1m cash approx. and 1m to be received next year.

Hope it makes sense...

Cheers