Thedrbill, good point, I am of a similar view given the way that...

Thedrbill, good point, I am of a similar view given the way that PEN has offered holders of the heads some really good deals during recent capital raisings. I anticipate that, based on history, they may well offer attractive incentives in the future to existing holders, hence the 3.5 year wait for the PENOCs might not be the most attractive option for holders, i.e. in order to participate in various issue deals in the past, you have to hold the heads. Whether they do or don't offer similar issue preferences to holders in the future, both options at the moment seem cheap to me.