"I expect they will want their PENOA's to be worth exercising, given that they had 36.55% of them in Sept (over 147m)."
I agree Amulet.
Although Insto's may (or may not) hold options and these being converted creates further dilution. I doubt very much the holders are going to let them simply vanish.
IMO they will be converted as the cash benefit outweighs the relatively small dilutive effect.
