That still doesn't make a lot of sense - the 37% figure you quoted.
When SYQ generate income, SYA benefits. This could be via a partial or full cash distribution or profits directly to SYA/PLL (75/25), or the profits are re-invested back into SYQ to increase the value of the asset owned by SYA/PLL. Either way, SYA as a company will increase its balance sheet and grow in worth.
(not sure what "never seen" means).
The shareholding is irrelevant until it comes time to pay dividends to the shareholders, then PLL will only benefit as being a major shareholder in SYA.
As for LTR, the bid can't be pulled as it's already been rejected - and a bottom value has now been created.
General Discussion Topics, page-96350
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