primeag water rights

Does anybody have an idea about the book value of the water rights these guys are holding?

I did a bit of research based on recent articles and company stats.

Posted this on another thread FYI:
Book value of just agricultural assets is estimated at $1.58 a share, they have about another 58c a share in nett cash in the bank.

226.39 mill shares outstanding

approx 131.15 mill nett cash in bank

420 mill estimate for capital

$2.44 a share value potentially