Flambeau's diagram shows the spidery web nicely... By the way,...

Flambeau's diagram shows the spidery web nicely... By the way, welcome back once more to the breach, dear Flambeau... But then Flambeau does make a couple of brave and mighty assumptions in his post regarding interests each entity holds or will hold in Advent Energy, such as MEC's PDF status limiting its investment in Advent (albeit that this was true when Flambeau posted the chart but it is unknown now) and claiming that BPH may reach 53.29% of Advent IF all other Advent shareholders don't contribute in the raise...

The only assumptions with a degree of certainty in Flambeau's diagram is that the pendulum in majority interest will swing away from MEC toward BPH, but how far that will go is anyone's guess right now. When Advent announced its raise a few months ago, BPH was in the position to invest more whilst MMR wasn't. That means MMR no longer holds 48% or more of Advent, but I am struggling to recall any official document reflecting BPH's increase in interest (perhaps Flambeau will be kind to point one out). The Advent offer is still open as far as I am aware. I haven't taken up my entitlement yet as I'm up to my neck in Advent, MMR, BPH and BUY already and still a bit spooked by Scomo's comment. If that was all cleared up I'd take up my entitlement in a flash.

Then there is the PDF issue - as a PDF, MEC can't go more than 30% of its committed capital in Advent - it's currently at about 29% according to DB when last I spoke to him. If the PDF revocation is allowed by the review, then that won't be a problem, but even then MEC still has no money to put into Advent unless it does a CR and comes off suspension. In what order that happens is also anyone's guess.