I'll answer my own question and see what the brains trust thinks:
BPH owns 35.8% of Advent. Let's assume its market cap ($22.95m) is 100% attributed to its exposure to Advent.
MEC owns 38.27% of Advent. Ignoring the value of the tax-free status and its present non-tradeability, its pro-rata value should be $24.53m.
MEC has 809,163,335 shares on issue. Therefore its share price "should" be 3.03 cents.
@MrIncognito would you pay 3 cents a share?
I'll answer my own question and see what the brains trust...
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