OneMarket Group had US$160m but OMN is 90% of that, so OMN had...

OneMarket Group had US$160m but OMN is 90% of that, so OMN had 90% * (160/.75) = c.AU$192m cash on hand. Group is burning US$6.9m per month (OMN = US$6.2m), so OMN's AU$192m cash balance at demerger is now about A$185m given cash burn rate (see below), so discount to cash backing is closer to 35% rather than 50% (particularly if contingent liabilities are netted off against cash balance).

OMN is depleting cash at about AU$8m per month prior to any revenues which appear de minimis for the time being, so while the cash pile gives them some leeway they'll need to start generating revenue by early-to-mid calendar 2019. OMN's biggest asset (i.e. the business they paid the most for) and presumably earliest hope of material revenue is 12 Digit, and it's disclosed that 12 Digit's ex-shareholders (at least some of whom i'd assume are senior management within OMN) are in arbitration with OMN as a result of a dispute related to contingent consideration - not a great start to have management of your largest division in arbitration regarding deferred compensation within 12 months of being acquired.