They are effectively the same company with the same office - i'm pretty sure someone inside would have clued up if this was the case.
GBA offices: 14 View Street North Perth, Western Australia Australia, 6006
MMR office: 14 View Street NORTH PERTH, WA 6006, Australia
BPH office: BPH Energy Limited 14 View Street North Perth Western Australia 6006 Australia
The only reason it is distributed amongst several companies is to maintain MMR as a pooled development fund. The only investment these companies currently have is PEP11. The exposure of each company to PEP11 is therefore 100% and there is no difference in value (barring a 10% tolerance due to illiquidity/cap raises).
I've included a sample calculation below to illustrate this:
Direct holdings in PEP11
43.435% MMR 23.307% BPH 15.000% BUY ~8% Talbot Group ~6% GBA ~4% Others
Now we also know that MMR holds 28.44% of BPH which takes it to 50.06%.
The ratio of shares on issue is 156M / 206M = 0.757 And a tax rate on profits of 0.42 leaving 0.58 to keep.
The final ratios come out to be 0.5006 for MMR and 0.2331 X 0.757 X 0.58 = 0.1023
This is approximately a 5:1 ratio in valuation and reflects the current prices of 70c for MMR and 14c for BPH.
BPH Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held
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