Slim -
Your sums look about right.
But the value of the shares is not directly connected to the financial structure of the business, since share valuation is a fine art, whereas financial accounting is more of a science.
If you could get hold of an up-to-date balance sheet, you would have a better understanding of enterprise value, taking into account asset values and netting off borrowings.
Certain companies' shares trade at either a discount to their net asset value, or a premium, depending on investor sentiment.
Having said that, with the share price so low, any capital raising exercise will dwarf the 'financial' worth of the company, and investors will have to believe that by investing in the business now, at a low share price, they will reap good returns as their investment allows the business to prosper and the share price rise accordingly.
On the positive side, the investment LH is seeking will go into a well-regarded, increasingly established business with a growing client base, that has established itself in a market niche that is now unique. On the other hand, the business is not yet profitable due largely to fuel price escalation.
I hope he is successful.