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24-03-2006, 09:59 PM
#201
Just a silly question here, I noticed in news that a few small holders have been excercising their warrants, to my simple mind, this is an excercise in value destruction, just can't see why anyone would do it ??
Disc: recently purchased some warrants.
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28-03-2006, 03:50 PM
#202
Mildly dissappointed that the warrants are kicking the heels around 90c whilst the heads head for 410c.
Still more than 3 years till exercise date.
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28-03-2006, 04:19 PM
#203
quote: Originally posted by kura
Just a silly question here, I noticed in news that a few small holders have been excercising their warrants, to my simple mind, this is an excercise in value destruction, just can't see why anyone would do it ??
Disc: recently purchased some warrants.
Maybe something to do with winding up estates and distributing to beneficiaries. Or perhaps just uninformed investors.
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28-03-2006, 04:21 PM
#204
quote: Originally posted by Paper Tiger
Mildly dissappointed that the warrants are kicking the heels around 90c whilst the heads head for 410c.
Still more than 3 years till exercise date.
Agree. The warrants should be about 110 at this stage.
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28-03-2006, 05:59 PM
#205
The warrants have never been cheaper.
Three years still to run at at this price the punters think that the IFT head will go from $4.09 to $4.40 over that period.
Are we now saying that IFTs 20% year in year out returns are going to drop to 2.5% for the next three years.
The market cannot ignore TPW at $7, POT at $5.40, ENE at $4.30, fx gains on offshore revenue etc forever.
IFT have failed on the buy back front so far though. But one thing is for sure, it will come.
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29-03-2006, 10:34 AM
#206
quote: Originally posted by Paper Tiger
Mildly dissappointed that the warrants are kicking the heels around 90c whilst the heads head for 410c.
Still more than 3 years till exercise date.
warrants trying to catch up but the heads are running away (96/413)
Why the sudden enthusiam?
11:21 Now 99 and 422 Something must be in the wind.
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29-03-2006, 05:41 PM
#207
Warrants even cheaper today.
There is zero premium in these now.
So, they are worthless, or to those who can spot a bargain, they are 'free'.
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29-03-2006, 06:00 PM
#208
I am not sure about zero premium, but 100 vs 425 is 325 with a strike price of 350 in July 2009, but you would expect the options to trade at 110-ish
Mid august last year when the heads hit 415 the options were 104 so all other things being equal you would expect better.
However option pricing is a subjective beast so I guess people are dialling in bigger divvies, lower interest rates or a lower volatility into their calculators.
Never mind there is still tomorrow.
regards
Paper Tiger
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29-03-2006, 08:19 PM
#209
quote: Originally posted by Paper Tiger
However option pricing is a subjective beast so I guess people are dialling in bigger divvies, lower interest rates or a lower volatility into their calculators.
Stagecoach should provide larger divies - since making good cashflow and a NZ investment so creates IC.
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30-03-2006, 05:53 PM
#210
Plenty of profit takers around for the warrants today. Who can blame them taking the cash.
The Stagecoach report released today looks good.
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