What am I missing here?

Share price: ~$90m

Cash on hand $33.8m (Accounting for recent dividend).
Net Receivables $24m (Let's be conservative and say $20m)
Real Estate $11m (Once again, Let's say 9.5)

Free Cash Flow consistently between $20-$30m for the last few years.

Adding that up means that we get around $63m in liquid net assets, with roughly $40-$60m in free cash flow for the remainder of the Seven West contract.

Even if they do not extend this contract (Which I do not believe will be the case given Seven West just bought a sizable position), the downside limit is above what the share price is currently. I understand there is currently an ownership fight happening, but the business is tracking fine and the contract is a net win for both parties involved.

What am I missing?