His post is very good imo but I don't think that's the only...

His post is very good imo but I don't think that's the only reason for the gap.

You need to consider both asset value and liquidity of the asset.

The risks for tas are ede raising, tas raising and asset value (could they sell their stake in ede for the current market price) vs liquidity.

At the current time ede will need to raise more soon (diluting tas), tas will raise more (diluting current holders and keeping the same price for a higher market cap) and tas cannot sell its ede stake at market price or above currently (nor would they want to, ede could be a huge prize in the end).

Thus until a few of these key issues are known to investors there is a higher risk on tas vs ede and thus a price discount t asset value.