So RDC is going private. In the delisting material, MAF and its...

So RDC is going private. In the delisting material, MAF and its associates control 39% of RDC and that could rise materially up to 77% but unlikely. I would expect various funds with mandates for listed securities to sell down so maybe they could increase their holding to 50%?. RDC market cap around $630 million.

In MAF financial accounts it marks to market its holdings in RDC. What is unclear is what does market mean. As at 30 June RDC's share price was around $1.02 which is at a discount to Statutory NAV of $1.17 and Directors NAV of $1.31.
Extract from results announcement:

"An $8.2 million positive mark to market movement was driven by a $7.6 million valuation uplift for
the Group’s holding in Redcape Hotel Group (ASX: RDC). The RDC portfolio was independently
valued at 30 June 2021 with strong venue earnings growth and tightening cap rates underpinning
an increase in Directors NAV from $1.22 to $1.31."

I would have thought mark to market would mean to the current share price but extract suggests otherwise. If it is the share price and not the directors' NAV then when RDC goes private and revalued to the directors' NAV then I would expect MAF will have a one off big profit benefit from the mark to market.

Any thoughts?