ocker, when you takeover a company you assume its debt
so the takeover price is the market cap (95m) + net debt (138m) = 233 million
also, the 25c valuation is the loan book net of debt. it doesn't include the franchise value.
wilson estimates loan book is worth about 50c
if they can refinance by february, and imo there is a good chance they will with westpac's 1.5bn commitment, the existing loan book could be worth about 50c per share.
