Arlington chief executive Nicholas Barham said that part of the reason for bringing his investment business up from Ofex to Aim was to improve the marketability of the shares. In the six months since the move, the share price dropped from 37.5p to below 30p, then back up to 37.5p. In the present climate, which is notably hostile to small investment businesses, this is no mean feat. Despite this, the market cap is still only around 70% of the net assets of the business. The investment portfolio spans eight companies, including 365 Corporation, Online Travel Corporation, XKO as well as five other businesses, one of which has received follow-on funding well ahead of the level at which Arlington invested. In the year to March, Arlington managed to turn in a modest profit of £121,000 after a hefty interest receipt. In light of the fact that several investors 'sought liquidity', that is, wanted to sell their shares over the last year, the board is hoping to be able to buy back up to 33% of the shares in circulation. With £23.6m in cash, Arlington is almost certainly undervalued.