You're figures are wrong, there are now 182.97M shares in issue & the A$ is now better than £0.5125
Both of which have made considerable negative differences to the NAV.
I still own some AXT but after the initial news on VOS#1 came out, I moved most of my money over into PANR directly (I was also free from an earlier undertaking not to invest in PANR until the 2 wells were drilled [as I've had a jinx history on drilling results]).
The £ has weakened close to 15% against the A$ and will likely remain weak until the Brexit referendum is over & who knows where it will go after that!!
AXT used to have positive gearing ie it went up in value more than PANR, now it is negative, dragged down by all those performance rights shares & the placing.
Allowing for some cash burn, I'd say the true NAV figure is currently @ 8.6 cents.
Just for comparison, with just the first 2 PR issued it would have been @ 10.3 cents, with 3PR @ 9.5 cents. If I put the currency back to £0.455 those numbers rise to 11.6 cents & 10.7 cents.
The main beneficiary's have been the directors & advisers, brought in to adopt a new strategy & gullible /stupid / misinformed shareholders at the time who granted them those PR without fail safes being in place, in case they sat & did nothing & events have unfolded as they have. If they'd stayed with the old board shareholders would be @ 35 - 40% better off as current NAV would be @ 11.5 cents rather than 8.6 cents.
