My calculations are as follows: MMR has 118,169,377 shares,...

My calculations are as follows:

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 9,747,362 MMR shares and 7,310,522 MMRO options. GBA stake in MMR is 9.4%.

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

GBA has 9,500,000 Advent shares. Talbot has 14,000,000 shares & a 9.7% stake [post-capital raising, per most recent investor presentation]. Based on Talbot's holding, the GBA take in Advent is 6.58%.

MMR holds 46.1% of Advent. BPH holds 19.5% [post-capital raising].

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%