AIM continues to be ignored by the market, but not much has changed since prior comments. It remains cheap with cash ($321M). It continues to buy back stock. In March it spent $328 to buy Bozzetto, an Italian provider of specialty chemicals. This year it also added a shareholders' rights plan, worrying about a possible takeover based on its low valuation (we would not read anything into this, it is common). Investors don't care as it is expected to lose money this year and next. Some of its holdings have economic sensitivity, which may not be helping. It remains very cheap, but needs a catalyst to generate some excitement. We would give it a HOLD today.
5i Research Answer: