Hi LOTM,
I'll throw in another reason why the discount is present;
Small cap, illiquid stocks that hold shares in other companies rarely trade at 'see through' values. The market does not always work the way your calculations do. (AXT holds $x value of PANR shares so AXT share price should be y cents)
IMO I doubt there's really any more to it than that.
Cheers!
Substantially Undervalued, O&G Situation in play, page-105
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