HiI'm new to GBA and trying to figure out the PEP11 exposure of...

Hi

I'm new to GBA and trying to figure out the PEP11 exposure of the relative parties.

Seems to me BUY at a market Cap of 64m has 15% of PEP11

BPH at a Cap of $36m (after the 1:2 spp) has 16.2%

MMR at a Cap of $91m (after the 1:10 spp) has 43.4%

BUT

GBA at a Cap of 9m has 7.4%

Now that's a better ratio than all the others as it stands ... but also GBA owns 9% of BPH and 13% of MMR as well.

So in fact has another 6% making 13.4% total.

Therefore relative to its market Cap its about one third the price of BPH and MMR to PEP11, and one seventh the price of BUY.

Anyone else done this calculation?

If I'm anywhere near right (and it is hard to find the relationships between all these companies) then GBA is a down right steal here.

Regards