Ann: Proposed issue of securities - MMR, page-17

I do not attribute material value to Cortical Dynamics. I'm sure it does have some value, but apportioning it to BPH's market cap is best left to people who hold BPH shares. But this is the MMR platform!
As stated, I also didn't take into account the capital gains tax free perspective of MMR investing. I've never seen someone apportion a value to this attribute, but I suppose you'd have to take into account the nature of the investor's tax position, inclusive of whether they're investing as a company and that company's tax rate etc. At a very basic level, you're avoiding a 50% or 25% capital gains tax on a positive return from your investment and therefore this could be added to the implied value of the shares. That valuation could get very complex and depend on a number of factors. My overall perspective is that the CGT-free investing nature of MMR provides a valuation uplift.
So unless someone else argues a better current valuation for MMR, I'm going with 3cps.
If I get swamped with offers to buy my shares at 3 cents then I've probably got the assessment wrong!