I won't claim i know whether it was or wasn't a P&D but vwap y/day waas 20c on high vol and we've seen a strong open this morning. So, i do question your P&D theory, without ruling it out (maybe you meant to say, a P&D is coming?).
imo it was a no-brainer that price would be subdued leading into expiry, as those with large holdings of O's (or the right to those O's in the case of DJs) would sell the heads above 20c and arb the difference on conversion, knowing newsflow is coming and sentiment will be strong. Same thing happened with Patos last time they underwrote O's.
I wouldn't assume a high % of the new shares will be sold immediately on hitting the exchange. There is significant newsflow coming and experience suggests it is a stock-by-stock phenomenon - not a blanket rule.
JKA Price at posting:
20.0¢ Sentiment: LT Buy Disclosure: Held