If I am reading the current position correctly there is nothing...

If I am reading the current position correctly there is nothing really holding Pen back.
The entitlement positions for shareholders are now locked.
The bonus options attached provide good incentive to take the offer up based on PENs current price.
The capital raised whatever it is goes into PENs coffers to essentially prove up more value to shareholders.
Dilution in my view is a non issue in this case. Imo it would only occur if the needed capital was raised in the form of loans or JV.
Interesting to note the continued movement of BLR.It could well point to how quick movement could happen with PEN. Given all the research posted here by very respected posters PEN would seem a better proposition than BLR.
It may be we will sit at this level awaiting the take up of the entitlements but I cannot see what the advantage would be and therefore would not be surprised to see PEN run and run hard any time now.