It was hard to find the cash figure.They raised 88m from...

It was hard to find the cash figure.

They raised 88m from institutions recently.

According to the announcement mid Sept they had 53m cash on hand.

The most recent appendix 3b states that there are 484m shares on issue.

That makes the cash backing 29c.

Then supposedly IVN are going to pay $62m and be issued with 66m new shares. $30m of debt is being repaid to IVN via issue of further shares (part of the 66m).

After all that there will be cash backing of 37c.

Add in the dividend expected from EXS and the cash backing rises to 42c