When do we start to see Value ?, page-10

I think you are referring to BAF the LIC, not BLA. I can't find it in BAF's ASX announcements but this AFR article on BAF (http://www.copyright link/business/...or-lachlan-mcmurdo-steps-down-20180430-h0zfc0) says:

"In its April update, BAF executive chairman Andrew Champion said it would "accelerate" independent valuation reviews for assets trading at or above their initial asset value, which accounts for about 28 per cent of assets.
The fund also said it would accelerate or implement other independent reviews and introduce an independent valuer rotation policy."

BLA's market update on the 16th (http://news.iguana2.com/bluesky/ASX/BLA/1076476) said that BLA would be "commissioning an independent valuation review of every asset it manages".

I assume that all of BAF's investments are into funds which BLA manages?

Still, valuation is an art not a science and this whole thing looks like a dog's breakfast, I'll be watching with interest from the sidelines as this unfolds.