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Re: [sharechat] Exercise price of TELSB?

From:	"James S" <jsmalley@globe.net.nz>
Date:	Thu, 6 Jul 2000 19:57:50 -0000

Hi Rys,

I think you'll find that the excise price is 2:1 $4.75 on 29/03/01

or to decipher it, you will need 2 warrants (current price 06/07/00 .105) PLUS

two lots of $4.75 to get one Telecom share. Thus on todays price the theoretical

price is : (2 x $4.75=$9.50) + ( 2 x .105 = .21) = $9.71. The $2.71 difference between this value and the current Telecom price of $7.00 is due to the excise price being a long time in the future (ie next year).

Apparently the Warburg warrants are not all in this format with FEGSB needing only one payment of $5.50 plus two warrants. In this regard it can be quite confusing.

Hope this helps

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