Ann: PEN Investor Update - May 2012 , page-26

"Now comes the hard part. With no significant news on the horizon, many of us must decide whether it's worth taking the punt on converting our options."
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OAs currently @ 1c & heads @ 4c

Right now one would be better off selling OAs and buying heads - at least that way the "conversion" is immediate. Without a decent incr in the sp of the heads, I will not be converting. Nor will I buy more heads with the proceeds from the sales of my OAs.

I'd like to know what Management intend to do with theirs. What are you guys going to do?

And if the OAs are not converted the Co. stands to lose a big chunk of incoming cash.