Deal was shuffling money and paper between related companies. Most of the assets of BPH are investments in associates and most of this is Advent. They can and do hold them on their books at the $1.35 per share they paid in the flurry before the dry (watery) hole they drilled in PEP 11. Question is could one really turn those NTA's into hard cold cash? I think not, but that is just my opinion.
I do however believe that sometime in the future there will be gas flowing from PEP 11, but that is a long time and a lot of money away.
Ann: Appendix 4C - quarterly , page-5
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