Interesting discussion RE: spreadbets. I have been tracking this since INO days and am looking for an entry. However, regarding the spreadbetting it is not beyond possibility that certain institutions or big investors know about the number of open longs on ARX and are deliberately shorting it (in 100,000) to drive the price down and (1) stop IG losing a lot of cash (2) make money on the way down as investors are stopped out.
IG could manipulate this share easily enough which is why they do not usually play with small caps.
I would be wary at the moment and will not buy until it is clearer what is going on.