The 7 Million PANR holding is still worth A$5.165M at the...

The 7 Million PANR holding is still worth A$5.165M at the closing bid of £0.3475 & A$1 = £0.4710.

That works out at an undiluted cash NAV of 3.936 cents per share, or 3.61 cents per share diluted to cover the existing debts.

Conversely the £0.3550 offer price for PANR in London works out at A$0.7537 per share.

Yet the current ASX offer price allows you to buy AXT stock at A$0.029 which when you apply the appropriate ratio (18.745 AXT shares = 1 PANR) means your effectively buying 1 PANR share for only A$0.5436, which in sterling terms means each PANR share costs you just £0.2560

LOTM