Not bad News,But Price Gone down,Why?, page-58

"I don't think you understand my simple point. ARI had Net asset of $3.7b on 30 June 2014, plus, further cap raised $0.7b, total net asset would be around $4.4b (ignoring half year profit, exchange loss). But ARI currently has only $0.6b market cap! Therefore, market has been already priced approx. $3.8b asset written off."
I was going through the accounts on Thursday with a mate (ex mining industry accountant). The thing that really stood out was the absurd valuations of assets. Most of the values were ridiculously high - goodwill was $1.2Bn - it should have been zero. Plant and equipment was $1.6B - again implausibly high. IMHO the net value of ARI is probably far closer to zero than $3.4Bn.