Those shares have been on offer since Wednesday at 7.0 cents, personally I've always viewed the fair price of AXT as NAV - 10% (until you think there going to reverse a company or asset into the shell).
On that basis, I viewed 7.0 cents as over priced on Wednesday & Thursday & around fair value on Friday. I did consider buying up what was on offer Friday, but as per my comments in my reply to cold collations, sense prevailed, (currency, negative gearing, illiquid to sell, big seller in the wings).
If its there on Monday I'd say it was slightly under priced as I'd put fair value @ 7.5-7.7 cents given the £0.08 rise in PANR later on Friday.
However I've seen AXT be 2.5 cents or more under the NAV number.
If you think there's a positive RNS on PANR coming on Monday pre market then that obviously changes things as AXT is the only route to get involved ahead of such news. Its the same scenario everyday once London closes the previous day. The trouble would be illiquidity the following day if you were trying to then sell AXT.
It's worth pointing out that at its peak the 7 Million PANR holding was worth over A$23.1M (currency was @ £0.47 at the same time), if the share price went back to that £1.55 level, it would translate into just A$21.1M at the current exchange rate. A heck of a difference.
LOTM
AXT Price at posting:
7.0¢ Sentiment: None Disclosure: Held
