Looking at the results, I get the impression that the balance sheet is lying. The cashflow statement says the core business is haemorrhaging money at a suicidal rate yet the balance sheet is of the opinion that the company is sitting on a gold mine of an asset book(NAV of 20). Shouldn't the prescription to turn around this patient be straight forward? Sell/cut off the gangrenous/ancillary parts as quickly as possible to prop up the business and by extension the company. ARM should not be in the current predicament with that balance sheet not unless they have juiced the figures in there by ridiculous margins.

Anyone with the full financials?

So why the buying appetite?

I am not an investor in ARM but it seems to me folks are looking at the 85% discount to NAV (FY 2017). So even if 50% of the NAV is lost in FY 2018, there's still a hefty margin if a Strategic Investor comes and buys out the minorities at 10/-.

That said, think of KQ which had a Rights at 14 when NAV was much higher BUT still burned through the new cash and the "old" NAV to end up with -ve NAV... then had a GoK bailout with cheap loans and did a coerced Debt Conversion... and now wants the assets of KAA to use as collateral!

So be careful!

Good question