Ann: Change in substantial holding, page-5

My guess it will be this state for the next few weeks. With one exception; that of some [new] retail holder on the sidelines not currently in pen saw what was occurring over the next 3 weeks and can buy into this at 1.7c.

The only downside for them is no free penoc but they (penod) could and should not carry a huge value this long dated for now until we re-rate. (so they can buy them later at 0.002) for the arb.

But my guess is that as soon as they are listed they will rate immediately to 0.005c and take that arb out for penod buyers then as PEN should hit 2.2c on the back end of this maneouvre.

Cheers