What you forget to mention, is the fact that if BPT is not successful in it's ADE T/O, ADE will have to be run as a totally separate and independent entity from BPT, and it will have to report to the market and it's investors as such. And most importantly, ADE's new Board will have to make sure that the minority shareholders will not get screwed, or look out from ASIC "baseball bat".
From past experience ASIC take a very close and thorough interest in these circumstances in order to make sure that funny thing will not go on at the disadvantage of minority investors.
I am not in the slightest worried/concerned about that part.
ADE Price at posting:
20.0¢ Sentiment: LT Buy Disclosure: Held