Hi,
We're working on an app note to describe how the feature works, but in the meantime I can give a brief summary here.
As ANT uses an "isochronous adaptive coexistence" scheme, the application does not know when exactly a message it requests to send is actually transmitted over the air to potential receivers.
The sd_ant_time_sync_broadcast_tx function tells the ANT stack to use the 2 byte RTC time placed in bytes 6-7 of the payload as a starting event time on the transmitter, and then before the message is scheduled for transmission, this value is replaced with the offset between that event time and when the message was actually transmitted over the air.
This offset is then used in the equation you listed above by receivers to determine when the last timing event occurred on the transmitter, and then set up the next timing event so that they can now both fire that event simultaneously next time (or set a common time, etc).
The "page invalidation" and "page number" fields are used to help make determining invalid events easier if the application is not continuously updating the master channel with new messages.
If the ANT channel is running faster than the timing events, and the application does not update the transmit buffer using any transmit message function, then the stack will automatically update the page number field with a pre-specified "invalid page number", to indicate that the re-transmitted time sync message is no longer valid.