The Final Countdown, page-1874

BUY is invested in PEP11 - but to my knowledge - is not a substantial holder or shareholder in Advent. There is where the machinations between GBA (delisted), BPH (shooting for the moon), MMR (voluntary suspension, legal dispute with Advent and proposing in-specie distribution in Advent) and Advent (Unlisted) becomes interesting. Consider the unresolved issues and the serious whacks the directors from these companies are giving each other.

What is the value you are placing in BUYs minority interest in PEP11? At least BUY seems to have a clean vested interest in PEP11 but GBA, MMR and BPH do not.

MMR currently has a 40% interest in PEP-11 and has a writ of summons over its head right now. MMRs valuation on this interest in PEP11 is circa 50 miliion given the current market cap of BPH. MMR has recently advised the market that it has received a writ of summons from Asset/Advent for an amount of $593,796. If the previous writs are anything to go by, and there have been many, then MMR will need to find cash it does not have. The proposed in-specie distribution of Advent shares to MMR shareholders can be viewed as internal politics gone horribly wrong and has closed the communication channels between MMR and Advent.

This is all a complete and utter mess. Needless to say, they are all fighting over an asset that could be worth billions of dollars. Some will need to eat humble pie to move things forward.