They are now but future ones will have a much lower strike price. That's how directors (not just PEN) benefit even after they have cruelled the SP. I've seen some collapse the SP from $2 to $0.08 get heaps at the low price then resurrect it to say 50c and viola. Not least because nothing changed in the interim but investor sentiment and commodity price, usually more former than the latter too.
They are now but future ones will have a much lower strike...
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