An investor has 10,000 of CLIPPER BOARD plcs bond paying 10% and redeemable in the year 2010.
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An investor has €10,000 of CLIPPER BOARD plc’s bond paying 10% and redeemable in the year 2010. Each €1,000 bond carries 100 warrants. The conditions provide that the holder of four warrants can buy a share for €2.50. What is the minimum value of the 100 warrants if the current market price of one share is €2.70? Why would you expect the market price of the warrants to be higher?
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