Ann: IQE - 2015 Interim Results Announcement, page-18

What worries me is that it seems like they have essentially just thrown a load of businesses together all at once. It's no wonder there are spiders in the closet, how can management possibly know the business inside out?
If they said they were going to stop acquiring and pay off all debt and properly integrate the existing businesses for a couple of years whilst paying a decent dividend then I'd probably invest.
Having said that, the current price offers returns just from closing the valuation gap, even if they don't generate any further value you will make money as long as they don't destroy it either. If they actually prove themselves by earning decent returns on invested capital then these prices are an absolute steal but that's a big if and the reason I'm not investing.