PANR closed @ £0.75-£0.76 in London on Friday.
That equates to a fully diluted cash NAV of 7.8 cents per share for AXT or 8.1 cents undiluted.
That PANR holding gives AXT a valuation of A$11.3M against its current market cap of just under A$7M
LOTM
Substantially Undervalued, O&G Situation in play, page-101
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