whats going on with axog

You are right on (in?) the money GG.

The AXOG are a much better buy than the AXO - but the risk is not the same - it is less - the AXOG have a priority claim over the assets in case of failure, and have the right to be redeemed for 95c cash in 18 months in the case of non-failure.

When combined with the juicy coupon payments, A win, win, win in my book.

The only reason to buy the AXO's is that they give votes in a takeover situation - I wonder if someone is buying them up for this purpose - surely whoever has doubled the price of AXO in the last 2 weeks is smart enough to know the difference?

A takeover is great for the AXOG's too - they are then redeemable for 95c immediatly. Not bad for a 20c investment.

The only problem with the AXOG's is that there are no sellers - not surprising really!