Ann: Audio Broadcast, page-61

So if what fluffy is saying is that the PENOC's haven't been underwritten, then there are no "Instos" pushing the price down to pick up a bigger slice of PEN when the OC's fail to be exercised. so that would be one conspiracy theory quashed.
I Haven't had a chance to see if they have been underwritten or not, but that's how I interpret Fluffy's post. If PEN had the OC's in play to raise capital, and that injection is now unlikely, then PEN may have to go back to the market to raise more capital.
However it's my understanding that the OC's were put in play back in the days before the staggered development of Lance, so I'm guessing a further capital raising to replace the injection that the OC's would have provided would be unnecessary, especially with the new debt facility in place.
Short of a rally in the U308 price, or a sustained ramping I reckon they're dead in the (as yet non uranium enriched) water.