Bigfella64, They've had deffered directors fees etc for at least...

Bigfella64,

They've had deffered directors fees etc for at least the past 2 years (some were partially paid), there were also some other fees, you'll see them in the accounts.

That's why I was always using the fully discounted figure when I posted NAV's to account for those debts rather than the headline or undiscounted number.

Senderos,

PANR are visiting brokers Wednesday & maybe later in the week as well, I think the news is only really starting to drip out, especially how much money they would be making at $20 a barrel & $2.50 nat gas.

JC talked about a $1 Billion sale valuation on the current numbers, even if you allow for some equity dilution (they could well get a debt facility because of there profit numbers), you'd be looking at over £3 a share for PANR and even that might be on the conservative side.

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I've already emailed the company and told them just how disappointed I was with there timing, size & price of the fund raising. I hope others do the same and give them a wake-up call

If those same investors had been trying to buy in the market over the past few months like many of us, then the stock would have been much more liquid than it has been.

If they had delayed the fund raising I think there would have been considerable volume both yesterday & today. Instead they've killed it, killed the momentum because investors are rightly hesitant about paying 25% more than those privy to the placing.

Only problem is, if you want in on the play you either have to pay the market price for AXT or buy PANR in London. There's no other route available.

It sure is interesting times for PANR.

LOTM