Sorry Biker but CJ's approach is the correct one as to valuation. The 50c liability in 18 months is only worth 45c today so Meridian is trading as worth $1.55 or thereabouts.
Think of it like this - if you have to pay me 50c in 18 months how much would I accept if you were to settle the debt now = c. 45c as I can then invest that 45c and it would be worth 50c in 18 months time.