Looking at the balance sheet and accompanying notes in the...

Looking at the balance sheet and accompanying notes in the current annual report which was prepared when SYR was $2.33 per share, there is a deffered tax liability of $7.49m (capital gsins tax) which can be offset with a deffered tax asset (carry forward losses) of $1.24m.

As I read it if CSE had sold all their CSE on that day at $2.33 they would have realised $25.63m and had to pay tax of $6.25m leaving $19.4m or 18cps cash plus current cash balance and other assets. Revalue the $2.33 to the current share price (as well as the tax liability) and you get a good feel of the current asset value, which with SYR at $2.50 is around ~20.5cps