1. From historical relative values to a great extent. I...

1. From historical relative values to a great extent. I justified them in my mind by examining the complicated company structures and the past actions of all the involved companies. I assessed what would/could happen if EDE was successful and EDE paid a dividend. I looked at TAS's other interests. The future of CNJ could affect what TAs decides and if TAS would finance its operations in the future.
2. A moot point. The directors pay themselves well in all three associated companies. In the past they have lent the fees and then converted the loans to equity which has allowed them to build a fairly large shareholding.
3. ????????

If you want to do some interesting research you should read the TAS company announcements and balance sheets for the past 5 years. Some interesting information there.

I've held these stocks for quite a few years now. Edencrete is the first and only real success so far. It is potentially a company changing innovation.