1 mmr=5 bph = market is crazy, page-10

Hi there

suggest you also need to take into account MMRs holding in BPH - looks like about 28.44%. So 28.44% of 23.307% is another 6.62% effective interest in Advent held by MMR as a result of its holding in BPH.

So MMR holds directly and indirectly 50.06% of PEP 11 and BPH 23.307% (I havent checked your % below but am assuming they are about right) so has 2.14x more exposure to PEP11 than BPH, so should be 2.14x the current market cap of BPH of c $35m (assuming nil value for all other assets and no value for PDF status of MMR) or $75m ...however MMR is $126m value/market cap indicating a mispriced BPH (or MMR)!

Let me know if you disagree.