PMYO conversion, page-11

You have time to exercise them once they stop trading. At the moment the reason PMY is not rallying harder than it is is because you can sell your heads and buy the options when an arbitrage exists, so the more oppies for sale the more heads get sold.

The oppie discount is an opportunity and is impeding the rally in the shares, but it is not indicative of concern about the stock going up. Some people just don't have the money to exercise so they sell them. They probably bought them as it required less capital. When you see a large line of heads get sold and a large line of oppies get bought it to take advantage of the arb, its not indicative of a worry about the outlook.