"Things are only worth what someone is willing to pay. "Are you...

"Things are only worth what someone is willing to pay. "

Are you telling me one could purchase all their assets, Pokeno, Dunsandel, etc. for NZ$178M? We both know the answer is obviously not.

The market cap reflects the company's value which includes the asset value but also how they may be used to generate future earnings.

Liquidating their main assets would massively reduce any prospect of generating future earnings in perpetuity and basically be the end of the business. Arguably they could very well sell off one (i.e. Pokeno) but even then it would permanently snuff out any iota of future growth opportunity. It's certainly been actively discussed by some industry commentators such as Keith Woodford.

I'm not an expert on NZ takeover code but I think there might be an issue with the scenario you mentioned about A2M and Bright both increasing their holdings - which is that certain takeover provisions are triggered at the 20% mark (which A2M would have to cross) and at the 50% mark (which Bright would have to cross). I'm not familiar with any sort of joint takeover or how that would work, not saying it's not possible though.