And the disconnect gets even greater! ARM's market value of...

And the disconnect gets even greater! ARM's market value of listed investments at today's closing prices:
PDI (up 0.5c today to 2.3c)...43.1% x 1,338m shares x 2.3c = $13,263,594
PSM (unchanged at 3.1c after strong rise yesterday)...32.3% x 434m shs x 3.1c = $4,345,642
GMR (up .1c today to .7c after similar rise yest)...13.4% x 1,438.5m shs x 0.7c = $1,349,313
Total listed investments...$18,958,549
Add cash (at 31/3/16)...$3,300,000
Total NTA...$22,258,549
This equals 19.06c per ARM share (116,808,609 shares on issue) and this is without applying any value to ARM's other joint venture and 100% owned exploration assets.

Investors in these other companies, especially PDI, are certainly missing the opportunity to invest at a much lower price than that they are currently taking. The only logical rationale for investing directly in these investee companies as compared to investing through ARM is to enjoy greater liquidity. This is obviously of concern to short term traders, but longer term investors are much, much better off having their investments in PDI, PSM and GMR via the much discounted entry price currently offered by ARM.