They are effectively the same company with the same office - i'm pretty sure someone inside would have clued up if this was the case.
GBA offices:
14 View Street
North Perth, Western Australia
Australia, 6006
MMR office:
14 View Street
NORTH PERTH, WA 6006, Australia
BPH office:
BPH Energy Limited
14 View Street
North Perth Western Australia 6006
Australia
The only reason it is distributed amongst several companies is to maintain MMR as a pooled development fund. The only investment these companies currently have is PEP11. The exposure of each company to PEP11 is therefore 100% and there is no difference in value (barring a 10% tolerance due to illiquidity/cap raises).
I've included a sample calculation below to illustrate this:
Direct holdings in PEP11
43.435% MMR
23.307% BPH
15.000% BUY
~8% Talbot Group
~6% GBA
~4% Others
Now we also know that MMR holds 28.44% of BPH which takes it to 50.06%.
The ratio of shares on issue is 156M / 206M = 0.757
And a tax rate on profits of 0.42 leaving 0.58 to keep.
The final ratios come out to be 0.5006 for MMR and 0.2331 X 0.757 X 0.58 = 0.1023
This is approximately a 5:1 ratio in valuation and reflects the current prices of 70c for MMR and 14c for BPH.
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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36 | 9838860 | 0.011 |
41 | 12134952 | 0.010 |
21 | 3905605 | 0.009 |
11 | 2834618 | 0.008 |
Price($) | Vol. | No. |
---|---|---|
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0.014 | 2194000 | 3 |
0.015 | 620499 | 4 |
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0.017 | 1042880 | 4 |
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