The put warrant NCPWMY seems to me to be to cheap.
It is a $12 september put warrant with a conversion ratio of 5:1
5 x 69 cents = $3.45 plus the current price of NCP at $8.55 gives $12.00 exactly.
This makes no allowance for volatility.
Therefore, rather than short NCP, you could buy 5 times as many NCPWMY, and thus limit your exposure to a rise in NCP whilst gaining the full benefit of a fall in NCP.
Have I missed anything?
