Lantrovision Rights Valuation

Lantrovision is giving a $0.01 special dividend per ordinary share (OS), and a 100 to 1 consolidation. After which, each consolidated share (CS) is entitled to 12 rights issue at $0.09 each.

Basic info
1) Current ordinary shares: 2,074,939,000
2) $65,290,000 cash and fixed deposits. This works out to $0.0314 cash per OS
3) $95,983,000 total equity. This works out to NAV of $0.0462

Valuation
Assuming the current share price of $0.032 better reflects the true enterprise value (EV) of the share rather than the cash per OS or NAV (both are higher by the way).

EV per 1,000 OS = 1,000 * $0.032 = $32
EV per 1,000 OS after special dividend = 1,000 * ($0.032 - $0.01) = $22

EV per 10 CS = $22
EV per CS = $2.2

Assuming full subscription of the rights issue,
EV per 13 CS after rights (CSAR) = $2.2 + ($0.09 * 12) = $3.28
EV per CSAR = $3.28/13 = $0.2523

Thus the fair value of 1 rights will be $0.2523 - $0.09 = $0.1623