Sorry, I made a mistake above. By acquiring BKW’s 42.7% in SOL,...

Sorry, I made a mistake above.

By acquiring BKW’s 42.7% in SOL, Company XYZ would end up owning only 42.7*44.0% = 18.8% of BKW.

Therefore, BKW’s existing shareholders would own 81.2% of BKW’s NCAV after disposal of their holding in SOL, i.e. 81.2%*2,344m$ = 1,903m$.

That is still less than BKW’s current market cap of 2,242m$, though; in particular, it follows that BKW’s operating business is being implicitly valued by the market at 339m$ (positive).

Apologies to all uninterested OMN shareholders for the continued digression.