10c gap between TAS and EDE, page-11

I applaud your diligence Miner, but need to point out the cost base for capital gain is not the share capital.
Simply what did TAS pay for investment in EDE. I don't know, call it 2 cents per share. If they then sell investment for 28 cents a share, the cap gain is 26 cents and TAS would pay 30% tax leaving around 17c to distribute. If they distribute proceeds as a dividend, TAS shareholders will receive the franking credit as well.
Now importantly if the ratio of EDE shares held to each TAS is 1.3, you need to multiply the 17 cents also by 1.3 to calculate what a shareholder would receive per TAS share. Equates to around 23 cents. Then the value of the franking needs to be added. Gets you to about 34 cents.
Discount that by say 30% (in my opinion and THE big judgment call) because indirect holding in EDE and come back to around 23 cents vs current share price of 17.5 cents. Looks cheap.