Hi Gyro ... No such thing as a stupid question.
You raise several issues ... Firstly, holders of Equity(trading) Warrants do not have an entitlement to Dividends ... the holders of the FPO's (Issuer's) do.
Installment Warrant holders do but that is a completely different situation and in itself is not a reason to deal in these.
Secondly, Warrant holders need to Exercise (Buy the Underlying Shares) in order to be entitled to any Dividend payment.
CBAWGM is what as known as a European Style Warrant and can only be Exercised at Expiry(030303).
Thirdly, CBAWGM has a Strike of $30.00 and where the Underlying is less than this (CBA currently $27.87) then the Warrant cannot be Exercised irrespective of type. (American/European).
Suggest you grab a copy of "Trading Stock Options and Warrants" by Chris Temby (ISBN 1-876627-58-1) about $35.00.
Cheers ...
This is only my view ... read the red stuff.
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