500% Gain & Counting Thanks to PANR, page-26

I hope everyone had a good New Year.

I was just looking through a few things, one of the things that caught my eye was currency conversion. Go back 4 months & the rate was £0.45 to A$1, even 2 months ago it was £0.46 to A$1. Now it is £0.495 to A$1. Back in September such a change in currency (10%) would have made just a A$0.45M difference to the PANR valuation or under 0.3 cents per share.

However the substantial increase in the value of PANR over that time period, means that the strengthening of the A$ over the £ has actually meant a currency loss of A$2.1M or 1.15 cents per share. So instead of the current NAV of 12.85 cents it would have been 14.11 cents at a constant currency.

So the exchange rate is starting to be quite a factor in the valuation process and is something that needs to be considered closely.

May the Force be with us in 2016

LOTM