fair value?

Having watched a number of posters hypothesize last week on where Arrow's price might end up, I thought I'd toss my hat in the ring....not so much trying to pick a number as to draw lessons from a journey.

I've been in Arrow since sub 0.30 with a long-term view throughout. Started modestly, traded a few along the way, but steadily accumulated to the point that AOE is now 35% of my SMSF. (Some might criticise this, but I see it as an endorsement of the quality of the Company, its management and prospects).

Having been an active investor for more than 25 years, I have never previously felt this comfortable with a stock...with regard to the risk / return profile. I have felt that management have been exemplary throughout and shareholders interests at the forefront. (The BOW spin-off and subsequent raisings being prime examples).

My initial reaction to the latest bid ($4.70 + 1 AOEI) was one of disappointment. However, I suspect that management believe Dart to be worth at least $1 per share and that this will become apparent in due course once the number-crunchers pick through the detail. (I also like the idea of retaining some upside, albeit with a much different risk / reward profile).

I'll be holding out for $6+ and do not believe management would endorse anything less. My faith in them thus far has not been misguided, and I believe this additional value will emerge either through the above and / or a competitve bid.

I'm probably unduly attached to AOE and will be sad to see it go, but don't believe we're done just yet!