Right. Only you would have to add back $200 million (aprox.) from the de-consolidation of Orkney II, and, to the extent it closes, the $260 million gain from the Orkney I devt-buyback. At that stage, even with an additional $250 assumed payment in order to retire the Convert (on top of the $550 it is carried at), you still have around $220 in book value for the Ordinary Shares. Or roughly $3 each.
Now, regarding the timing of things and the accounting, I bet they planned this VERY well so people might just shrug and say: "With book value at $10 million, this ain't that bad". Haha!!
