The pro forma balance sheet (refer to announcement on 24th...

The pro forma balance sheet (refer to announcement on 24th October) shows that EXS will have $89 million in cash and cash equivalents after the dividend distribution and capital return. However the net assets are around $65 million, largely due to income tax payable of $47 million. What is EXS's cash backing? Is it 25 cents per share (89,227,809 / 356,044,187), or does the cash backing need to be adjusted for this income tax payment?

Thanks.