"The oppie holders may however still choose to exercise if they...

"The oppie holders may however still choose to exercise if they are feeling bullish on the short term prospects at Paloma"

Even by NEN ramping standards this is a bit over the top TShirt. Option holders are going to exercise their options at 40c in a weeks time when the stock is currently trading at 27.5c (and more than likely will still be in that price range when the options expire) because they feel bullish on the short term prospects at Paloma. How can you honestly believe that option holders will pay a 45% premium over the price they can currently buy on market for!