info on options please, page-14

Could someone please expain how PENOA and PENOC are valued?

Since they are both convertable @ 3c, their price should be (and is) around the price of PEN minus 3c.

PENOA seems to be JUST behind (PEN-3c), usually by 0.1c

PENOC is a significant amount higher than (PEN-3c), about 0.3-0.5c higher I think.

As I understand, the options should be valued higher than (PEN-3c) because, for the situation where an equal number of shares are bought in the option and PEN:
The absolute value increase in both will be approxiamtely equal.
There is less money invested in the option, so there is less losses if the price of PEN falls extremely low (below 3c).

This justifies why PENOC is valued higher than PEN-3c, but I cannot figure out why PENOA is valued less than PEN-3c...

Why would anyone choose PEN when they can get PENOA for 0.1c less?

Thanks