Hi Vayama, I don't think you take into consideration the cross holdings that GBA has. In the event that Advent floats, as Talbot and co are investing pre-seed IPO, then GBA will benefit from any in-species distribution of Advent shares via BPH and MMR. Thus the magnitude of discount is even greater. BPH and MMR don't have any holdings in GBA so the benefit is all one-way.
DYOR