Yes, Ratkin, BRM is yielding about 9.6% net currently. (4 quarterly dividend payments of about 1.9c = 7.6c / 79c share price = 9.6%.) Not sure about imputation credits.

BRM (and KFL) changed its dividend policy a year ago so that they both pay quarterly distributions of 2% of the avg NAV for the quarter, regardless of whether the basket of stocks pay any dividends or not.

Pierre, I would view BRM as simply a high yielding 'stock' and not count on any capital gain. It's performance since its 2006 listing has been very ordinary at negative 21% (plus some free options and some dividends).

I would view the warrants as quite risky with only five months to final exercise. Quite a lot could happen between now and then...two lots of 1.9c to come out of the NAV, the market could weaken, the discount to NAV may widen from its current 12%, the NZD/AUD could strengthen... all of which could send the share price from 79c to 75c or lower, rendering the warrants worthless. (Off course the opposite may occur but I am simply pointing out the risks.)