Maybe baukaw, but add that to all the other points I highlighted...

Maybe baukaw, but add that to all the other points I highlighted early & being based in Europe, it makes far better sense to me to hold PANR directly now.

Before all the performance rights were issued, AXT had positive gearing against PANR, now its negative, strength of A$ against £ by over 15% doesn't help, neither does paying any tax.

Illiquid & that large shareholder dumping stock, just too many wrong boxes being ticked for me.

Our overall goals are aligned in Polk & Tyler but for now I prefer PANR, maybe once AXT start looking for a replacement investment on the sale, it will look much more appealing to me.

All the best

LOTM