Sorry for late reply Lumacon. Bascially Nathanblack and BB have...

Sorry for late reply Lumacon. Bascially Nathanblack and BB have summarised the situation perfect it does take time for the conversion of the options to shares to take place - usually takes around 2 weeks until they are available to trade (so yes in this time there is nothing to protect you from price fluctuations other than shorting as NB. However, i have not come accross any broker/platform that has PNO available for shorting.

I suppose the benefit right now of taking on PNOO is that we know what is coming up and there is potential upside particularly at .2 cents and looks to be minimal downside... But its all dependant on the price of PNO. I think alot of PNO holders notice this opportunity and having been selling off the heads (PNO) in order to buy the options (PNOO) recently as a 'punt' option which is fair enough but doesnt support the heads to get the options in the money.. double edged sword i guess.

As people know i am very supportive of the company and do expect to see the options in the money. I would hope management is doing everything possible for this as it is money needed and the shares would be going to (hopefully) more loyal holders than past soph investors!!