Current fully diluted valuation of AXT using 7 Million PANR shares @ £0.31 to sell & a currency rate of A$0.4560 to the £ = 3.3 cents per AXT share or 3.65 cents undiluted.
At 2.6 cents you are effectively buying PANR shares @ £0.2225 rather than the current purchase price of @ £0.3175 (as each 18.745 AXT shares equates to 1 PANR share)
LOTM
Substantially Undervalued, O&G Situation in play, page-62
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