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RE: [sharechat] TELECOM WARRANTS 2:1 $4.50 30/3/2000

From:	Sarah Corkill <Sarah.Corkill@directbroking.co.nz>
Date:	Fri, 26 Nov 1999 08:13:02 +1300

Hi Rini,

You've got the right idea but the exercise of 2:1 means that to receive one
TEL share at the exercise date you must have 2 warrants and pay $4.50 to
exercise each warrant.  So if you pay 13c per warrant you would need to the
TEL share price to be, at least, $9.26 for you to be making a profit on the
transaction.

You will find that trading in TELSA will become more illiquid as the
exercise date looms if the TEL share price remains below $9.00.

Regards,

Sarah Corkill
Direct Broking



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