I've been looking for any reasons... wont find much on their always outdated website, but Sedar has the latest information.
Due to the failure or bad performance of most investments, their private investment in Brazil Potash is 80 percent up of the NAV. It seems like it is a successful venture, and recently Stan Bharti met Lulu the president at a conference. They also have received permits and plan to complete permitting and start construction this year.
Last raise was $4 usd, and AAB seems to value it at $4 CAD... so a bit conservative i assume.
NAV is about 10-12 cents as of april 30 I;d estimate.
https://brazilpotash.com/chairman-of-brazil-potash-met-president-lula/
Overall AAB can be seen as a way of investing in this private company at a discount.
During the three months ended April 30, 2024, BPC common shares had a cumulative unrealized
gain of approximately $6.1 million. As at April 30, 2024, BPC represented approximately 80.0% of the total
assets of the Company. A 10% decline in the fair market value of BPC would result in an estimated increase
in after-tax loss to Aberdeen of approximately $0.8 million.