1 mmr=5 bph = market is crazy, page-9

very simple math: MMR & BPH nearly have the same number of shares on issue(including the oppies)

Say MMR finally worth $10 per share. 43.435% MMR
23.307% BPH

BPH should be worth 10* 23/43 = $5.35

Say today you spend $ 10000 on MMR, * 10/0.78(current SP)

If succeed, your investment worth $128 k.

net profit 118k

Say today you spend $ 10000 on BPH * 5.35/0.165(current SP)

If succeed, your investment worth $324 k

net profit after tax = (324-10) * 0.58= $182k

So put same money, you get $70k more profits at TAX rate 42%, $100.5k more at Tax rate 30%.

*********************************************************

Do dont forget, if PEP11 failed:

Say today you spend $ 10000 on MMR, if fail, you may got nothing left, no capital loss.

Say today you spend $ 10000 on BPH, you can claim $3000-4200 capital loss. that means 30%-42% capital return guarantee. 42% in my case.

really cannot understand how market trade these two stocks.

Anyway good luck!!!