RE:Receipt received for Final Short form prospectus Rarely do companies trade at their full intrinsic value. Other readers know that.
If ETC is valued at say 175m (which is more than was paid in the recent auction process where it was shopped around) and IRD etc is valued at say the same 175m, then deducting the 75m debt leaves net of 275m, which is about 2.40 per share. This 2.40 is arguabley full value for ETC & IRD, before a stock market discount.
So it seems optmistic, at best, to say the market is assignng virtually no value to Wilan. But I would say that it is likely that the market is assigning no value to the Apple outcome.
Similar arguments such as yours are made for new IPOs etc - pumping/ painting the best possible picture, but not bounded by what the market pays, at least until there is greater proof of sustainable cashflow growth.
Re the conclusion that the Website is not yet updated means another deal is in the works - that is even more reaching.