blokes I have seen you comment on thx time and time again being...

blokes I have seen you comment on thx time and time again being cheap entry into umc. Realise that stakes in other companies are never (or very rarely) fully reflected in the holding company's share price due to lack of liquidity and the fact that investors don't want to necessarily be exposed to the holding company's assets AND the company being held. So if THX's assets are not viewed favourably the umc shares held are likely to be more undervalued in the SP. Because as a shareholder if I want exposure to UMC I don't necessarily want the risk associated with THX's other assets.

When it is eventually sold one would hope that the cash value is reflected fully in THX's share price but this is not always the case also.

In the long term you may well see great returns when nickel turns around and when UMC shares are sold by THX but know that until then don't be frustrated by the lack of full valuation for UMC shares. It is expected and not an anomaly that UMC shares are not fully valued in THX's share price.

By the sounds of it you like both THX and UMC assets. But if you only wanted exposure to UMC then it's usually best to invest directly into UMC. It is not arbitrage to buy UMC 'cheap' through THX because you cannot actually dispose of the UMC shares held through THX at the market price.