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Dear John,
Shall we take the market values of loan notes and pref shares when coming to net asset value of the company? (Assuming Market price of the instruments is provided). Or shall take the final redemption value ??? (If for example it says that the bond is redeemable at 5% discount?)
Assuming you are being asked to value the equity, then you take the current value of all of the assets less the current value of all of the liabilities (including preference shares and loan notes). The final redemption value is of no relevance (unless you are not told the current MV of the loan notes and need to calculate it yourself).
(The above of course is if you are being asked to value based on market values and not on book values.)
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