TAS/EDE relative values, page-418

It's a subsidiary of TAS. The decision to keep Noble Energy may have been taken to quarantine the assets/ risk liability or for tax purposes or both, who knows? The same can be asked, why did EDE choose to set up EdenCrete Industries? The same argument applies. No one can guarantee that EDE will or won't take some profits from EdenCrete sales and use them elsewhere in the business (e.g. Hythane project). The directors have huge skin in the game with their shareholdings. Just think about it for 2 seconds, they're not getting any younger and there's far more in it for them personally by paying out dividends to shareholders than some piddly director's fees (by comparison) or to risk it in exploration drilling. And you don't think they know what passing on all the profits from EDE via Noble will do to the TAS SP?