I don't like to argue with you Tansversal and it is off topic,...

I don't like to argue with you Tansversal and it is off topic, but if BKW sold out of SOL there would be no cross shareholding left and BKW shareholders, which include SOL, will own 100% of BKW's business not 81.2%. However, the issue that most people forget when valuing BKW's interest in SOL shares is the large unrealised capital gain that BKW has, and therefore the value of the SOL holding is not the market value of the SOL shares but rather the market value less the CGT payable by BKW if it is realised.