So a couple of points1) As a beginner, be careful, especially...

So a couple of points
1) As a beginner, be careful, especially with anything but normal shares, because next time you might end up buying something like partially paid shares and have to fork out the rest of the payment which may be way more than what you expected to pay originally. Brisconnect comes to mind (those fond memories of GFC) where you could literally take a 5% stake in the company at a normal human being outlay.
2) Comsec will not allow you to place a Sell order if the value you are leaving for that security is less than $500. Also, minimum purchase is $500 - I am not sure how you managed to buy only $400 worth
3) The rest of your questions I actually don't quite know for sure, and I am planning to figure out on Monday with Comsec and Link Market Services. This seems to be a very unusual setup with Deferred settlement date and normal settlement date. Comsec statement shows that you will need to pay the full amount (e.g. 7.1c per purchased right) by 18/06/2020. My guess is that if we settle the full amount on 18/06/2020 (that is we pay 7.1c per shrare), we should see our PENRCs convert to PEN around that time, well before the closing date. It is also my guess that if we do not pay the application amount on 18/06/2020, then we can still apply in the normal course of things (e.g. via personalised form by the closing date) and get the shares on the Issue date stated in the prospect. Obviously the later has the advantage of not risking the market going down and taking PEN with it in the days from 18/06/2020 to closing date.

I actually spent some time reading ASX rules on Renounceable Issues which gave me a MAJOR headache. I am not worried because I bought entitlements to match what I want to own in PEN anyway so it is only a matter of timing

Will report back on Monday if anything interesting transpires, in the mean time treat what I wrote with caution because these are just my guesses.