Yes, and the weighted average for the 20-days prior to 31st...

Yes, and the weighted average for the 20-days prior to 31st March must have been 19.4 cents ($17M @ 10% interest / 4 quarters = $425,000 interest which got 2,190,647 shares which is a bit over double the number would have got at 40c.

I've learnt over the years to follow the money trail ... and this is where the money is. The only takeover of PEN is happening by stealth from the CN holders; the price will rise when they want it to ... and that may be after 22 April 2020. Or, if it suits them to disclose it on their books, they can run it up to 80c and show their carrying value at less than half that, and continue to take interest payments in shares at 40c. Winner, winner, chicken dinner either way