Substantially Undervalued, O&G Situation in play, page-86

With PANR @ £0.53 bid & £0.56 offer the following is true using an exchange rate of A$1=£0.4675

Fully diluted cash NAV of 5.4 cents per share (this includes taking into account the performance shares that will be triggered)

Undiluted cash NAV of 5.7 cents per share.

The PANR offer price equates to A$1.19 yet 19 AXT shares which equates to 1 PANR share will currently only cost you A$0.57 to buy!!

It will be interesting to see how AXT trades tomorrow, now that a commercial discovery is in the bag, with a second prospect nearing TD.

LOTM