For those who like to short NCP

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?