Substantially Undervalued, O&G Situation in play, page-196

Hi All,

Just for the record, I sold the last of my AXT holding yesterday.

I wasn't intending selling out, however I read the accounts at the weekend & realised there are going to be significant tax issues going forward for AXT.

It looks like they only have A$3M of deferred Tax assets available.

I honestly thought they had a lot more than that, given where the share price used to be in years gone by.

Given that I believe PANR is going to end up at a multiple of the current share price, which means the current net Tax burden of A$3M (A$6 - A$3) is only going to get larger going forward (unless of course they are able to buy something that allows them to offset the taxable gains).

So it makes far greater sense now to own PANR directly, otherwise the tax liability also has to be taken into account for the NAV.

Good luck to all, I'm sure we'll all do very well out of Polk & Tyler County's.

LOTM

PS I'll still be posting here when I've news