billbu,
I used previous reported 1.72b assets plus 300m from half sale of DBCT after half it's debt subtracted.
2.02b / ~ 26b shares = $0.077
I could have added 913m of hybrids which are coming off the debt side upon conversion.
which would make it
2.93b / ~ 26b shares = $0.11 c NAV
I think you are right that BBI SP is being held in place.