JAZZ MAN,
Wesfarmers (BTW, no 't' in WESfarmers), calls WESN 'partially protected shares,' based on the 1.25 conversion to WES 'under certain circumstances,' as you said.
As you also note, Wesfarmers has several 'get out of jail free cards' if it's due to the fault of the overall market, not a 'secular' problem of WES.
Finance theory says WESN should NEVER trade for less than WES because WESN has all the same rights PLUS the 'price insurance' feature built in. However, there are times when WESN has traded < WES, which may be a function of WESN's much lower liqudity (Rolling year: WES = 1.19 Billion; WESN = 384 Million).
I'm sure there's a 'rocket science' arbitrage play between WES and WESN, but I'm damned if I can figure that out...
wes vs wesn, page-4
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Last
$70.23 |
Change
-0.950(1.33%) |
Mkt cap ! $79.65B | |||
| Open | High | Low | Value | Volume |
| $70.83 | $70.84 | $69.98 | $91.35M | 1.313M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 861 | $70.23 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $70.45 | 3999 | 1 |
View Market Depth
| Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
| WES (ASX) Chart |