BM1 has a larger MC than Delta because its got non-delta shareholders as part of the CR but it shows that the market is valuing Delta at very little beyond its known cash balances and known shares in Ballard (even if restricted for another 2 years).
What this disclosure shows is that Delta has a direct shareholding in BM1 of 156.3m shares. They also have a further indirect interest via key shareholders in Delta also having BM1 shares and this combined shareholding is 54.6% of Ballard.
Delta remain in full control of Ballard, but yes Delta hold 156.3m shares and at prices like 35c the valuation within Delta of Ballard is $55m.
And if wondering where the 156.3m shares figure comes from, its the 220m shares issued to buy the Mt Ida Gold less the 63.7m shares issued in-specie to Delta shareholders. There isn't a further dilution event on this 156.3m shares, that's the new level that will exist for the next 2 years (baring a takeover).
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