Compare the market capitalisations of BPH and GBA. At 8.5 cents...

Compare the market capitalisations of BPH and GBA.

At 8.5 cents per share, the fully diluted market capitalisation of BPH is $18.8 million for 16.6% of PEP 11.

At 21 cents per share, the fully diluted market capitalisation of GBA is $6.8 million for 9.8% of PEP 11.

If GBA is to equalise with BPH, its market capitalisation should be $18.8m divided by 16.6% x 9.8% = $11.1 million.

On a market capitalisation of $11.1 million, the GBA share price should be 34 cents.

[$11.1 million divided by 32,293,508 shares and options = 34 cents per share].