According to the PNE (subsequently EUR) announcement of...

According to the PNE (subsequently EUR) announcement of 9/9/2016:

* Most of these are "Options exercisable at $0.10 each on or before 30 June 2020", being "Unlisted Options – issued [at no cost] to EverBlu Capital Pty Ltd (or nominees) (or nominees) pursuant to the Prospectus EverBlu Capital Offer.". There is no mention of escrow in the announcement.

* EverBlue was also issued, again at no cost, 23,437,500 Ordinary Shares as part of the transaction, in part payment of fees. Given the shares were issued to the market at $0.08 per share, that is a fee of $1,875,000. No mention of escrow on these either.

* What we don't know is what EverBlu's total fee was, or would have been, but that might explain why they haven't been converted to shares just yet.

* That's a lot of new shares on the market if they decide to convert then sell some of them - they will want to time the conversion for when there is *big* capital influx so as not to depress the price.

* Also, the higher the EUR price is when that happens the less shares they will need to sell to offset their outlay to convert the options ($20m!).

Any thoughts folks?