value of gba

Let's hope the dust has settled somewhat....

How does the value of GBA's assets stack up to the current SP?

At current MMR/MMRO SP GBA's holding is worth around 4 Mil.
Add to that the direct Advent exposure of 6%.
Rough calc for Advent based on largest SH SP (MMR).
Market cap of MMR 46 Mil for 50% of Advent.
Advent MC = 92 Mil
6 % of Advent = 5.5 Mil

BPH holding is included in 6% Advent exposure.

So, total value of GBA assets = 9.5 Mil

9.5 Mil / 30000000 (including options converted) = 0.31 per share.

Now this is only a very rough calc but shows that GBA is somewhat undervalued.

Any thoughts?