if successful, bph holding value is best, page-8

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.