To give a bit more depth - MEL has stated an intention to...

To give a bit more depth - MEL has stated an intention to distribute 20m of the 40m BYE shares to shareholders. I can only assume that the remainder will be used as working capital in order to bring Vali to production and to drill Cervantes. As such, it is a bit of an accounting exercise - valuation attributed to the BYE interest will decrease, partially offsetting your cost base (via distribution), partially increasing the value of Cervantes and Vali (as the capital from any share disposal would be sunk into those projects).