flashman, keeping money in the bank for a bit longer is an...

flashman, keeping money in the bank for a bit longer is an astute financial move. Pretty much everyone does it from individuals to big corporates.

The bigger reason, imo, is that when Gus converts other option holders will too. Many will have held their options for a long while and their forms won't be handy or they'll put it off because they've still got 6 weeks (counting from today).

Seems logical to wait until June. Reminder letter and form in the first week, directors exercise which is a second reminder and then the final reminder a week or so later. Forms are handy, no reason to delay, good timing imo.

That's the way it happened with AVB, I see no reason why PEN would be any different.

Of course, they might exercise their options earlier, but no reason for this irrational hysteria until at least the second week in June imo.