towie,
That's right.
HDRWMF is a wing and a prayer trade. HDR has to either finish (well) over 150 at expiry or has to rise s/t so that the warrant premium rises faster than the time decay erodes it.
Not for the faint hearted nor for those who don't understand the risk matrix.
HDRWME with a 75 cent strike (2:1 ratio) would be a better play for most people.
Just an observation. i have no position in HDR.
HDR
hardman resources limited
