gas motherload....., page-6

My numbers say GBA stakeholding is 11.5% of Advent and 9.8% of PEP 11.

Still, if my numbers are correct, the GBA share is super cheap.

There has been dilution of late. Latest presentation has MMR holding 46.1% of Advent.

BPH was heavily diluted. MMR has been diluted.

MMR has 118,169,377 shares, 51,440,383 options plus 11,946,667 off-market options. Paper on issue totals 181,556,427. GBA holds MMR 9,747,362 shares and 7,310,522 MMR options. Their stake in MMR is 9.4%.

BPH has 221,154,246 pieces of paper, where GBA holds 6,778,200. The stake is 3%.

GBA has 9,500,000 Advent shares. Talbot has 14,000,000 shares & a 9.7% stake. So GBA stake based on Talbot's holding is 6.58% of Advent.

GBA stake of Advent is 6.58% + (46.1% x 9.4%) + (19.5% x 3%) = 11.5%

GBA stake of PEP 11 is 11.5% x 85% = 9.77%

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