claytons announcement before real deal, page-14

Surges, IMO there will be no extension to the options. My understanding of ASX rules is that you cannot just extend the expiry date of the options, rather you need to issue new options and effectively 'rollover' the expiring ones. Shareholder approval is needed and with the fast approaching 30 June expiry date it looks highly unlikely that management will hold a general meeting before then to do so.

It seems illogical for PNO to let these options lapse given the need for cash but its now far too late for management to extend them. Just hope that there will be loads more positive news between now and June to get them in the money.