Hi PP, I think I get that and I have worked up a spread sheet...

Hi PP, I think I get that and I have worked up a spread sheet for NTA based on the 80-90% ownership level (NTA 2.4 - 4.9cps).

What I struggle with is that if Becton is looking to effectively raise $80M by issuing a certain number of shares (80%: 820M new shares, 90%: 1845M new shares) then those shares will need a "face value" of 4.3 - 9.7 cps (for 90-80% ownership level, respectively) when issued to the new shareholders. This could in theory push the sp towards 2 times NTA, which is clearly not going to happen (or last).

Still don't get it - feel free to ignore.

Just trying to DMOR