Ann: Market update presentation, page-19

IMO, It depends on how you look at the company.

If you are assessing the company based on subsidiary assets, you could argue that on the ownership, the Direct ownership attributed to the parent NAV is ~50 mil in respect to these sub (as they own about 50% of these subs)

It's difficult to value PPK's ownership of the associates (CRAIG & AMAG). (perhaps someone could provide a minimum figure based on revenue?)

As we know, the "mark to market" valuation of PPK's shareholding NAV (LIS & WG) is substantially higher (~80ml + ~40ml) than the market cap of the present company. Market valuations fluctuate.