Ann: OneMarket Media Release and Results Presentation, page-24

@Just_a_guy

147mUS$ was the Net Current Assets of OM Delaware, at 30th Sep 2018.
OM Delaware currently has ~19.0m outstanding shares, 16.0m at the time of demerger and ~3.0m subsequently issued as RSUs under the 2018 Equity Incentive Plan.

OMN Limited only owns 90% of those 16.0m, i.e. 14.4m; the total number of OM Delaware shares is going to increase further, with the RSUs awarded to Joe P (new CEO), up to about 20.0m.
Therefore, on a fully diluted basis, OMN Limited will own only 14.4/20.0 = 72% of those Net Current Assets, i.e. 147mUS$ * 72% = 105.8m$.

Then you have to factor in the cash burn between 30th Sep 2018 and today, which should be roughly (16.3mUS$-2.5mUS$)*81/92 = 12.2mUS$ (for OM Delaware).
So, as of today, the Net Current Assets attributable to OMN Limited (on a fully diluted basis) should be 105.8mUS$ - 72%*12.2mUS$ = 97.0mUS$ = 136.6mA$ = 1.315A$/share.

At today’s closing price of 0.575A$, that gives a ratio of 1.315/0.575 = 2.3x; that still looks very attractive to me, but it is definitely lower than 3.5x.

Let me know if there is anything unclear.