Everyone would prefer them to be listed. That way you have the...

Everyone would prefer them to be listed. That way you have the option of selling or converting. More flexibility. I expect them to be listed but in a way it isn't too important.

PL has made it clear their will be no options until a JV, at which point they are instantly in the money. So if they are unlisted then best approach will be to convert and sell progressively from now until ex date. Re-use the same capital over and over to convert them all.

Eg pay 3c now. ex of 35 in 2years. Post JV shares 60c. Pay your 35c then sell the shares for 60c. Make 25c/option. If you cant afford to convert all at once then do it bit by bit. No brokerage to convert but brokerage applies to selling the heads.