Woooo hoooo Go Bounty :)$$$$, page-218

hang on a second, from Justadabbles excellent post on our cousins BPH forum comes this;

"BPH currently holds a 22% interest in Advent Energy. Advent is an unlisted Australian company that owns 85% of the PEP11 title."

So BPH own 22% of Advent's 85% share with BUY = 15%.
So effectively BPHs share is 22% of 85% BPH = 18.7%

Last BPH trade was at 9.5c and MC = $55 million.
Last BUY trade was at 2.6c and MC = $28 million.

So at last sale price, BPH's MC is around double that of BUY's MC, yet they hold only a few % more (18,7% vs 15%) of the project ?
What am I missing?
Doesn't that show how undervalued BUY is relative to BPH right there ??