My assumed SP is not cash backing, its total asset backing which...

My assumed SP is not cash backing, its total asset backing which includes the cash (as per last Half Yearly).

You can measure this one with a micrometer, but in the end it will be split with an axe if there is a t/o.

I suspect there will be no t/o as the chinese shareholders control the company anyway, so there is little to gain. On the other hand, they have an investment in a well placed resources company that could grow nicely with the right projects/decisions, so there is everything to lose.