penoa at discount, page-14

Hi (Mikey26), my experience in the past with PEN (as with most other companies when they do a cap raising) is that the size of the opportunity relates to how many heads you hold. PEN has given us opportunity from time to time to convert any options we have just before the CR closes in order to maximise our holding of the heads i.e. to maximise the outcome e.g. the last offer where you were offered 1 PENOC for each four full shares you held, at a cost of 1c each. PEN gave us the opportunity to convert any PENOAs we held before closing the offer. I took this up to maximise my total holding of the full shares, glad I did.

The experience with PEN to date is that they look after their existing holders, as any good company would. However, this is proportionate to your commitment i.e. the number of full shares you are prepared to hold. I don't remeber them every offering any preference deals to option holders.