parts value?

Anyone out there run some similiar figures as a worse case for NOD - think I must have missed something given the action -

quick summary from the half yearly financials put assets at 170mill, of which 82 mill is intangables - goodwill etc that is likely to be written down at the next half yearly leaving 88mill which is made up of 47mill of current assets (cash/recievables/inventories/cabins held for sale), the other 41mill property plant and equipment - lets discount these by 25% in fire sale = 77.5 mill current assets in liquidation mode.

On the debt side of things the banks have under 25mill, another 26mill in trade creditors, with some change for tax, contract guarantees etc = 52 mill. So worse case scenario giving nothing for the value of any of the division = 77.5 -52 = 25.75mill. with 138mill shares on offer that puts parts value at 18.5c.
must have made a mistake here or this is being shorted for the sake of it - current MC 16mill at 12c

The above assumes nil value for goodwill! ie selling a division for parts value only improves our SP :-0