share or cn, page-7

  1. 603 Posts.
    A quick and dirty way would be to assume the C.Note is a combination of a share with an attached put option.

    1 x share @ 12c + 1 x 12c Put option

    With the present share price around 7c you make a (hypothetical) capital loss on the 12c share but gain on the intrinsic value of the put option. Lose on one, gain on the other.

    At each underlying share price below 12c you are buying a share plus an in-the-money put option. So, the advantage of the C.Note is any hidden time value of the put option plus coupon payments. The problem is, time value of the option and the NPV of the coupons are subjective. Two people could each calculate different and equally valid numbers.




 
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98.5¢
Change
0.005(0.51%)
Mkt cap ! $303.3M
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98.0¢ 99.0¢ 98.0¢ $202.2K 205.0K

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No. Vol. Price($)
1 4898 98.5¢
 

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Price($) Vol. No.
$1.00 25000 1
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