500% Gain & Counting Thanks to PANR, page-32

Hi Bigfella64,

They were the last of the performance rights that shareholders granted the directors & advisers several years ago.

For them to be triggered the share price had to trade above 10 cents on a vwap (volume weighted average price) for 5 consecutive days (which its just done).

There is no more dilution to come.

Actually the directors & advisers should have turned down the granting of these shares. Delayed them and attached a different performance criteria for them to be triggered.

They were given them in the first place as an incentive to turn the company around following the events of 2011. At that point AXT already had 7 Million PANR shares & actually owned 7% of the company !! awaiting the drilling of a new well which as we know never occurred until just a few months ago.

In all the time they've been in charge, they haven't brought anything new to the table, they've just kept with the same strategy that JH & the 2 previous directors took. Only back then AXT had under 80M shares in issue itself.

The share price is now back above where it was at the start of 2011.

Old shareholders of the company, must be cursing there bad luck, if that Tyler well had been drilled in 2011, then AXT shares would be over 5 times the current share price.

I exclude JH from this comment for 2 reason (he was a director before & can't get involved in any decisions regarding the PANR holding as it would be a conflict of interest so his hands are very much tied).

I do feel the other directors & advisers should feel somewhat embarrassed by what's happened, being granted such lucrative incentives way back then in the belief that they were going to turn the company around with new ventures etc and add value for all shareholders to benefit from. Then end up doing absolutely nothing & getting mega rewarded for it.

If they try & increase director salary's or advisers fees in any way or try and grant any more incentives then I for one will vote against it while a shareholder in the company & will encourage every other shareholder to do the same thing should either of these things occur.

LOTM