I wonder if BPH shareholders have all calculated the massive...

I wonder if BPH shareholders have all calculated the massive negative impact that this deal has on BPH's asset base? Hmmm...

The ownership structure of PEP11 has always been a bit entertaining. You've got Advent owning Asset owning PEP11 and then MMR, BPH, and GBA variously owning bits of Advent and bits of each other.

It's like watching three kids play "hot potato" while trying to BITE the potato in mid air AND bite each other at the same time.

A few months ago, before MMR announced its deal with RL Energy, BPH seemed to own 26% of Advent, which seemed to own 100% of Asset, which in turn seemed to own 85% of PEP11.

That left BPH with a net interest of c22% in PEP11 - (ignoring the additional exposure gained via its shareholding in MMR).

After the RL Energy / Sagasco deal, Asset will only own 25% of PEP11.

Which in turn leaves BPH with a net interest of c6.5% in PEP11 - (again ignoring the additional exposure gained via its shareholding in MMR).

That represents a major dilution in what is arguably BPH's biggest underlying asset.

(Advent is certainly featured first and most prominently on BPH's website, so it is hardly inconsequential).

Perhaps BPH might communicate these numbers and their impact to shareholders? 

It seems to be a particularly relevant discussion at the moment given that the company is in the middle of a rights issue...