Ok what it translates to is that the previous offer was worth...

Ok what it translates to is that the previous offer was worth 12.6c and the current offer is 15.3c when converted on the basis of today's PAN price.

I can't see why MMW doesn't make a counter offer of say -exchange of 1 PAN share for 2 MMW. This will price MMW at 53.5c. I would still be half-hearted selling my holding at this price because I dont trust PAN shares to keep value for too long. Nickel is in a funk and doesn't show any signs of life. I think outlook for PAN is poor going forward.