Rbs - Round Up - 280809

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This material has been produced by RBS sales and trading staff and should not be considered independent.

The Round Up 28 August 2009 Issue No. 165 The Round Up is a comprehensive daily note produced by the RBS Warrants team providing an overview of market movements along with quality ideas for warrant traders and investors.

In today’s issue Global Market Action

Scoreboard, commentary

Aussie Market Action

SPI Comment, Events & Dividends

STO (STOVZJ)

Trading Buy – A play on LNG

WOWKZF/WESKZT

MINI Pairs Trade – WOW enters hardware

TLS (TLSSZX)

MINI Trading Buy – Future Fund Selldown

Round Up Corner

NEW – Trading warrants listing today

Equities Move ASX 200

Last

% Move

Range

Volume

-3.7

4450.8

-0.1%

-30 to +7

$6.1 bn(H)

SPI - yesterday

+18.0

4449.0

+0.4%

-25 to +21

28,036(A)

Dow Jones

+37.1

9580.6

+0.4%

-84 to +66

Low

S&P 500

+2.9

1031.0

+0.3%

-12 to +5

Low

Nasdaq

+3.3

2027.7

+0.2%

-31 to +5

Low

FTSE

-21.2

4869.4

-0.4%

-35 to +16

Low

Commodities Move Oil-WTI spot

Last

% Today

% Past Month

+1.32

72.75

+1.8%

+6.3%

Gold Spot

+4.00

949.55

+0.4%

-0.5%

Nickel (LME)

-14.70

851.90

-1.7%

+11.2%

Aluminium (LME)

+0.91

83.96

+1.1%

+2.7%

Copper (LME)

-0.84

283.84

-0.3%

+11.8%

Zinc (LME)

-0.61

81.81

-0.7%

+7.1%

Silver

-0.02

14.32

-0.1%

+1.9%

Sugar

+0.12

22.49

+0.5%

+21.9%

Dual Listed Companies (DLC’s) Move

%Move

Last

AUD Terms

NWS (US)

+0.06

+0.5%

12.99

RIO (UK)

-9.5 p

-0.4%

BLT (BHP UK)

-3.5 p

-0.2%

BXB (UK)

+1.0 p

+0.3%

£3.760

Diff to Aus

15.47

-19.1 c

£23.72

46.00

-1115.9 c

£16.015

31.06

-659.2 c

7.29

-5.8 c

American Depository Receipts (ADR’s) Move BHP (US)

%Move +1.01

Last +1.6%

AUD Terms 63.66

37.90

Diff to Aus +25.3 c

AWC (US)

-0.06

-1.1%

5.57

1.66

-0.2 c

TLS (US)

+0.25

+1.8%

14.25

3.39

+2.4 c

ANZ (US)

+0.65

+3.9%

17.30

20.60

+28.1 c

WBC (US)

+3.99

+4.1%

101.80

24.24

+24.5 c

NAB (US)

+0.94

+4.2%

23.25

27.69

+30.6 c

LGL (US)

+0.53

+2.3%

23.17

2.76

+3.9 c

RMD (US)

-0.14

-0.3%

45.54

5.42

-4.7 c

JHX (US)

+2.03

+7.1%

30.75

7.32

+1.3 c

PDN (CAN)

-0.09

-2.2%

4.05

4.44

-3.9 c

Overnight Commentary United States Commentary •

Another reasonably unexciting session, not much of a reaction to some better than expected economic data, volumes remain low and the vast majority of the Dow's move care of one stock. By the bell, the Dow off highs but up 37pts, the S&P up 0.3% and the Nasdaq finished 0.2% higher.



Eco - 2Q GDP -1.0% vs -1.5% expected, Personal Consumption -1.0% vs -1.3%, GDP Price Index flat vs +0.2% expected, Core PCE in line at +2.0%. Initial Jobless 570K vs 565K and Continuing Claims 6133K vs 6242K.



Aerospace - Boeing up over 8% and a clear standout on the Dow, accounting for c80% of the days gains. Finally some good news around the 787, mgmt claiming the Dreamliner will make its first flight this year.



Financials - Citigroup up over 9% and the S&P100's best after the NY Post reported hedge fund guru Paulson, had been buying the stock.



Financials- AIG up 27% and a clear winner on the S&P500. Looks like the market happy with the current CEO's decision to include former Chief Exec Maurice Greenberg on discussions around how best to rebuild.

United Kingdom & Europe Commentary •

The FTSE 100 fell 0.4% or 21pts as investors sold stocks after the recent gains ahead of a long weekend in the UK. The FTSE Eurofirst 300 dropped 0.5%, the DAX was 0.9% lower and the CAC ended down 0.5%.



UK Banks - The sector was the worst performer with Lloyds sinking 3.5% after reports said it could sell parts of its business to reduce reliance on govt-backed protection. RBS fell 1.9%, HSBC was off 0.75% and Standard Chartered dropped 2.7% but Barclays was up 1.6% after a broker upgrade.



Euro Banks - Credit Agricole, up 3.65%, followed rivals SocGen and BNP in releasing better-than-expected numbers for 2Q, after achieving higher earnings at its investment banking and asset management divisions. SocGen added 0.8% but BNP fell 0.8%.



Builders - Despite UK house prices rising for the 4th month running Barratt Developments dropped 3.1% after rumours that they may seek to raise £500mn. Bovis Homes sank 5.1% after RBS dropped their rating from buy to hold.



Beverages - Drinks group Diageo fell 4.1% after annual results failed to impress. Although figures met expectations, traders said this was largely down to the fact that marketing spend had been slashed. Guidance for "low single digit" earnings growth in the new fiscal year was disappointing.



Industrials - Defence giant BAE Systems sank 5.6% after losing a follow on contract to rival OshKosh for the production of medium tactical vehicles for the U.S. Department of Defence.

Resources Commentary •

Miners - Generally weaker base metals and profit taking hit the sector. BHP edged back 0.2%, Rio was off 0.4%, Anglo fell 1.25% and Xstrata sank 4.1%. Kazakhmys rose 2.1% after the copper producer posted a better-than-expected 28% fall in firsthalf earnings per share and said it should beat its full-year output target.



Energy - Crude fell back to $70 per barrel with the corresponding weakness in the majors. BP, Shell, BG Group and Cairn Energy losing 0.2% to 0.4%. In Europe Total managed a gain of 0.4%, Repsol was flat but Statoil fell 1.5%.

SPI Commentary The SPI traded up 18pts or 0.41% to 4449. Open at 4438 with a low of 4406 and a high of 4452. Volume 23,926. Overnight the SPI traded up 4pts to 4453.

SPI Intraday

SPI Daily

*SPI report taken from the 9:50am open to the 4:30pm close on the previous trading day. Charts taken from IRESS

Upcoming Economic Events for the Week Monday

AUS

New motor vehicle sales

US Tuesday

AUS US

Wednesday

S&P/CS composite 20

AUS

Real construction work done

US Thursday

Consumer confidence, FHFA house price, durable goods orders

AUS

Real capital expenditure, real equipment investment, expected nominal capex

US Friday

New home sales, real GDP

AUS US

Personal income, personal consumption, core PCE deflator, Michigan consumer confidence

*Dates are indicative only and may change

Upcoming Dividends ExDivDate

Security

Description

Div (c)

Yield

Frk(%)

PayDate

28-Aug-09

COH

Cochlear

95

2.92%

100

24-Sep-09

31-Aug-09

BHP

BHP Billiton

50.07

3.01%

100

25-Sep-09

3-Sep-09

NWS

News Corp

6

0.9%

0

14-Oct-09

Trading Buy: Santos Limited (STOVZJ) – A play on LNG RBS Research have a buy recommendation on STO with a $16.50 target price. STO reported NPAT of $102mln which beat consensus. The stock went ex dividend 22c yesterday and will not fully underwrite the DRP which suggests that the company has a strong funding position. Oil and gas stocks have been strong following results with STO underperforming WPL and OSH. STO remains RBS Research favourite pick. Buy STOVZJ for a bounce to $16.50

Source: IRESS

STO has been moving higher since July and recently broke resistance at $15. The stock now looks headed to its march high of $16.50 which is also RBS Research target price. STO has transformed into an LNG stock with two recent deals being added to the portfolio of potential LNG developments, bringing the total number of possible LNG assets, at differnent stages of development, up to five. Given this new strategic direction, STO appears to predominantly position itself increasingly as an LNG player. RBS Research believe that this makes the company attractive as a target to international oil companies seeking to participate in the LNG race from an early stage.

RBS MINIs over STO Security

ExPrc

Stop Loss

CP

ConvFac

Delta

Description

STOVZJ

24-Sep-09

$ 16.00

Call

4

0.10

Trading Call Warrant

STOVZK

29-Oct-09

$ 14.00

Call

4

0.20

Trading Call Warrant

STOVZY

24-Sep-09

$ 14.00

Put

4

-0.03

Trading Put Warrant

STOVZZ

29-Oct-09

$ 13.00

Put

4

-0.02

Trading Put Warrant

RBS Warrants over STO Security

ExDate

ExPrice

CP

ConvFac

Delta

Description

STOKZD

$ 8.8526

$

9.93

Long

1

1

STOKZE

$ 7.8670

$

8.85

Long

1

1

MINI Long MINI Long

STOKZT

$22.5094

$ 20.47

Short

1

1

MINI Short

STOKZU

$20.5563

$ 18.73

Short

1

1

MINI Short

MINI Pairs Trade: Woolworths (WOWKZF)/ Wesfarmers (WESKZT) – WOW enters hardware WOW announced to the market that they plan to enter the Australian hardware and home improvement market. This is a logical step in WOW’s domestic growth profile and RBS Research believe it could add $1.25 - $1.75 to WOW’s valuation. Given WES outeperformance over 2009 compared to WOW and the potential market share loss in their Bunnings business, we believe the way to trade the news is to go long WOW and short WES through WOWKZF and WESKZT

Source: IRESS

• • •

Woolworths’ intends to acquire, through a joint venture with US home improvement retailer Lowe’s, hardware wholesaler Danks for an enterprise value of A$87m (securing immediate scale, infrastructure and expertise), as well as establish a Big Box H&HI format (also via the JV), to compete directly with Bunnings. Investment and proceeds in the JV are to be split two-thirds Woolworths and one-third Lowe’s, and RBS Research estimate cA$3.5bn in sales and cA$330m in JV EBIT is possible should the company achieve its plan of 150 sites over five years RBS Research believe a successfully established big box format could enhance valuation $1.25 - $1.75 per share

RBS MINIs over WOW Security

ExPrc

Stop Loss

CP

ConvFac

Delta

Description

WOWKZD

$20.1875

$

21.01

Long

1

1

MINI Long

WOWKZE

$18.5064

$

19.27

Long

1

1

MINI Long

WOWKZF

$23.6341

$

24.59

Long

1

1

MINI Long

WOWKZR

$37.1202

$

35.13

Short

1

1

MINI Short

WOWKZT

$34.2012

$

32.52

Short

1

1

MINI Short

RBS MINIs over WES Security

ExPrc

Stop Loss

CP

ConvFac

Delta

Description

WESKZG

$12.7721

$ 14.63

Long

1

1

MINI Long

WESKZH

$10.5496

$ 12.20

Long

1

1

MINI Long

WESKZT

$29.6274

$ 27.24

Short

1

1

MINI Short

MINI Trading Buy: Telstra Corporation (TLSKZD) – Buy the dip Last Friday TLS pulled back after the Future Fund offered 498mln TLS shares at $3.47, cum dividend, and when the stock went ex dividend 14c on Monday. RBS Research consider the Future Fund selldown a good thing for shareholders despite the ongoing overhang. Use the pullback as a buying opportunity. RBS has upgraded TLS to a BUY with $4.50 target price. Buy TLSKZD for a bounce

Source: IRESS

Telstra Result points and fundamentals • Broadband ARPU up 6.5% to A$57.70. MBB SIOs doubled to 1.05m, helping lift mobile ARPU 4.8% to A$51.84 • Sales of IP-based products increased at double-digit rates. With the rate of PSTN erosion reducing in 2H09 (cf 1H09) the speed-driven revenue lines helped keep total revenue growth at 2.7%. • Maintaining comparable revenue growth in FY10 may be harder as unemployment rises, the A$ strengthens and Sensis sales face a tougher business environment. • The company says achieving its FY10 targets ‘would give us significant excess free cashflow, and all the flexibility that brings’. We think there is enough flexibility to contribute to NBN Co, on the right terms, and still pay an extra 2cps in dividends fully franked. • Key downside risks include further margin contraction, tougher regulation and lower access prices. • Upside risks include faster sales recovery, better cost control and higher access prices. Regulatory issues may be clearer when proposed legislation is tabled, we think by September. RBS MINIs over TLS Security

ExPrc

Stop Loss

TLSKZC

260.58

TLSKZD

289.16

TLSKZP

449.9

CP

274

ConvFac

Delta

Description

Long

1

1

MINI Long

306

Long

1

1

MINI Long

405

Short

1

1

MINI Short

RBS Warrants over TLS Security TLSJZB

ExDate

ExPrice

CP

ConvFac

Delta

Description

29-Oct-09

250

Call

1

0.88

HOT Instalment

TLSIZA

28-Jan-10

250

Call

1

0.95

HOT Instalment

TLSIZQ

14-Jun-10

250

Call

1

1

Rolling Instalment

TLSIZR

14-Jun-10

225

Call

1

1

Rolling Instalment

TLSSZX

4-Feb-19

193.88

Call

1

1

Self Funding Instalment

TLSSZZ

30-Jun-17

255.18

Call

1

1

Self Funding Instalment

RBS Round Up Corner: Stocks Reporting This Week Date

Code

Company

Y/E

24 Aug WOR WorleyParsons Jun 25 Aug ALL Aristocrat Leisure Dec 25 Aug FGL Foster's Group Jun 25 Aug OSH Oil Search Dec 25 Aug SUN Suncorp-Metway Jun 26 Aug AOE Arrow Energy Jun 26 Aug CMJ Consolidated Media Jun 26 Aug HSP Healthscope Jun 26 Aug WDC Westfield Group Dec 27 Aug CWN Crown Jun 27 Aug LGL Lihir Gold Dec 27 Aug TOL Toll Holdings Jun 27 Aug TTS Tatts Group Jun 27 Aug WOW Woolworths Jun 28 Aug SHL Sonic Healthcare Jun *Figures in table based on RBS Research forecasts

AUD AUD AUD USD AUD AUD AUD AUD AUD AUD USD AUD AUD AUD AUD

NPAT (pre abs)

(Abs)

Div

EPS

2H div

Long Product

409.2 40.9 739.8 15.2 462.0 -24.2 85.8 83.7 1047 247.0 152.3 296.7 292.7 1781 302.2

0.0 -5.0 -349.0 0.0 -414.0 0.0 0.0 -11.5 0.0 -610.7 -186.5 -28.8 0.0 0.0 0.0

86.0c 5.0c 27.0c 4.0c 40.0c 0.0c 16.5c 21.5c 47.5c 34.6c 0.0c 20.0c 20.8c 99.5c 54.0c

172.1c 30.4c 38.4c 8.4c 41.0c -3.3c 12.4c 33.2c 97.3c 34.6c 12.4c 43.7c 23.1c 145.3c 83.6c

48.0c 36.0c 15.0c 8.0c

WORKZD ALLKZI FGLKZD OSHKZD SUNKZM AOEKZA CMJKZC HSPSZX WDCKZG CWNKZG LGLKZI TOLKZH TTSSZX WOWKZF SHLSZX

6.0c 11.0c 95.0c 20.8c 0.0c 8.5c 10.6c 51.5c 32.0c

Short Product

OSHKZR SUNKZP

WDCKZR CWNKZP LGLKZP TOLKZP WOWKZS

Monday Worley Parsons (WOR) - Headline NPAT of A$390.5m may have dissapointed IBES consensus but a fully franked DPS of 55c with an accelerated record and payment date accompanied exceptionally strong operating cash flow. The company is guiding for a decline in FY10 earnings

Tuesday Aristocrat Leisure (ALL) - ALL reported 1H09 normalised NPAT of A$44m, down 38% on the pcp and in line with recently issued guidance. Reported NPAT of -A$33m includes A$82.6m of abnormals largely associated with an impairment taken on ALL's investment in PokerTek and Elecktroncek, which had been flagged Fosters Group (FGL) NPAT A$725.5m, A$740.8m pre-SGARA (RBS: A$739.8m pre-SGARA). EBITS A$1165m (RBS A$1216.1m): despite A$25m lower corporate costs. Oil Search (OSH) - (USD) - NPAT of US$35.6m was ahead of consensus (US$28.7m) and RBS forecast (US$28.3m). OSH's interim result was solid, but the real story was news that the group is in talks to sell a 3.5% stake in PLNG. Not only should this crystallise some value, but we believe it will give the market renewed comfort in OSH's funding position. Suncorp Metway (SUN) - With much of the confusion surrounding this result already taken out by the early release, there were few surprises in the headline numbers. Looking closer at the Banking operations, the surprise would be that the non-core book is performing even worse than we'd thought, with B&DD charges at c450bp in non-core v RBS expectation of c350bp.

Wednesday Consolidated Media (CMJ) - FY09 NPAT of A$83.6m was slightly below RBS A$85.8m forecast. Premier EBITDA was in line, at A$145m (ex one-offs from 1H09) and up 9% on pcp. The big news was on the 10% share buyback, which could take Packer's stake to 45.3%, if it doesn't first flush out a bid from Seven Healthscope (HSP) - FY09 normalised net profit of A$88.2m, up 17.8% on pcp. This was 5.3% above our forecast of $83.7m and compares with Reuters consensus average of $81.8m (range: A$69.8m-A$86.1m). Normalised EPS was 35.0 cps, up 12.9% on pcp (vs. RBS at 33.2cps). FY09 dividend increased by 10% to 21.5cps (fully franked) vs RBS at 21.5 cps. Significant items included a A$15.9m write-off of HSP's share of break fee receivable associated with the unsuccessful SYB acquisition. Westfield Group (WDC) - Reported NPAT A$-(708) impacted by $2.9bn in revaluations offset by some large mark-to-market gains on financial instruments. Operating NPAT A$1.040m (RBS A$1.047m). Dividend 47cps. FY10 guidance maintained at 94-97cps (RBS 97cps). Cut the DPU payout from 100% to 70-75% from 1H10 distribution

Thursday Crown Limited (CWN) - Crown reported normalised NPAT of A$280.7m, vs RMS forecast of A$247m and consensus of A$242m. Main difference is on the interest line where they took a $55m expense associated with original Cannery deal as non-recurring, if you add this back then normalised NPAT falls to A$242m, inline with consensus and slightly below our forecast. Lihir Gold (LGL) - (USD) Focus will be on Ivory Coast expansion and the Million Oz project. Toll Holdings (TOL) - FY09 revenue was bang in line with RBS forecast of $6.5bn, however TOL surprised us on the upside with better than expected cost control. Toll Australia/NZ and Toll Asia were both slightly stronger than expected at the EBIT line, with margins holding up better than forecast.

Tattersalls (TTS) - TTS reported FY09 NPAT of A$277.4m which includes a A$3.4m write-down associated with shares held in Sky City. Normalised NPAT of A$281m was up 10% on the pcp, inline with consensus but slightly below RBS forecast (of A$293m -4% difference). FY09 EBITDA of A$559m Woolworths Limited (WOW) - NPAT A$1835m ((RBS: A$1781m, consensus A$1799m). EBITDA A$3547m (RBS: A$3564m; consensus A$3543m). EBIT A$2815m (RBS: A$2767m, consensus A$2790m). Div (final) 56cps (RBS 51.5cps, consensus 52cps). Strong result, positive outlook, we believe will bode well for WOW's fundamental trading

Friday Sonic Healthcare (SHL) - Expect a solid result driven by ongoing volume increases in domestic pathology and margin uplift from acquisition synergies.

NEW – Trading Warrants listing today Security

ExDate

ExPrice

CP

ConvFac

ANZWZE

17/12/2009

24.00

Call

4

BHPVZM

17/12/2009

36.00

Call

4

BHPVZN

17/12/2009

32.00

Call

4

CBAVZH

17/12/2009

46.00

Call

5

CBAVZI

17/12/2009

52.00

Call

5

CSLWZA

17/12/2009

32.00

Call

4

MQGVZE

17/12/2009

55.00

Call

5

NABWZF

17/12/2009

30.00

Call

4

NCMVZA

26/11/2009

32.00

Call

4

RIOWZN

17/12/2009

70.00

Call

6

WBCVZM

26/11/2009

27.00

Call

4

WOWWZA

26/11/2009

28.00

Call

4

WPLWZN

17/12/2009

55.00

Call

5

ANZWZU

17/12/2009

21.00

Put

4

BHPWZS

17/12/2009

32.00

Put

4

CBAWZW

17/12/2009

45.00

Put

5

MQGVZQ

17/12/2009

50.00

Put

5

NABWZR

17/12/2009

22.00

Put

4

NCMWZW

26/11/2009

26.00

Put

4

WBCVZV

26/11/2009

23.00

Put

4

WOWWZP

26/11/2009

26.00

Put

4

WPLWZZ

17/12/2009

48.00

Put

5

MINIs approaching stop loss Underlying

MINI Code

MINI Type

Strike

Stop Loss

NAB

NABKZT

Short

$31.08

$28.00

XJO

XJOKZX

Short

$4,893.96

$4,655.00

Share Price $

Approx. MINI Value

Share: Stop Loss

27.38

$

3.70

2.3%

$ 4,450.80

$

4.43

4.6%

CPU

CPUKZP

Short

$11.79

$10.72

$

10.10

$

1.69

6.1%

COH

COHKZQ

Short

$68.44

$62.55

$

58.70

$

9.74

6.6%

TOL

TOLKZP

Short

$8.99

$8.10

$

7.60

$

1.39

6.6%

For further information please do not hesitate to contact us on the details below

Contact Equities Structured Products & Warrants Toll free

1800 450 005

www.rbs.com.au/warrants

Ben Smoker

02 8259 2085

[email protected]

Robbie Taylor

02 8259 2018

[email protected]

Ryan Corrigan

02 8259 2425

[email protected]

Elizabeth Tian

02 8259 2017

[email protected]

Tania Smyth

02 8259 2023

[email protected]

Robert Deutsch

02 8259 2065

[email protected]

Mark Tisdell

02 8259 6951

[email protected]

Trading Products Team

Investment Products Team

Disclaimer: The information contained in this report has been prepared by RBS Equities (Australia) Limited (“RBS”) (ABN 84 002 768 701) (AFS Licence No 240530) (“RBS Equities”) and has been taken from sources believed to be reliable. RBS Equities does not make representations that the information is accurate or complete and it should not be relied on as such. Any opinions, forecasts and estimates contained in this report are the views of RBS Equities at the date of issue and are subject to change without notice. RBS Equities and its affiliated companies may make markets in the securities discussed. RBS Equities, its affiliated companies and their employees from time to time may hold shares, options, rights and warrants on any issue contained in this report and may, as principal or agent, sell such securities. RBS Equities may have acted as manager or co-manager of a public offering of any such securities in the past three years. RBS Equities’ affiliates may provide, or have provided banking services or corporate finance to the companies referred to in this report. The knowledge of affiliates concerning such services may not be reflected in this report. This report does not constitute an offer or invitation to purchase any securities and should not be relied upon in connection with any contract or commitment. RBS Equities, in preparing this report, has not taken into account an individual client’s investment objectives, financial situation or particular needs. Before a client makes an investment decision, a client should, with or without RBS Equities’ assistance, consider whether any advice contained in this report is appropriate in light of their particular investment needs, objectives and financial circumstances. It is unreasonable to rely on any recommendation without first having consulted with your adviser for a personal securities recommendation. This information contained in this report is general advice only. RBS Equities, its officers, directors, employees and agents accept no liability for any loss or damage arising out of the use of all or any part of the information contained in this report. This Information is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. If you are located outside Australia and use this Information, you are responsible for compliance with applicable local laws and regulation. This report may not be taken or distributed, directly or indirectly into the United States, or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1993, as amended. The warrants contained in this report are issued by RBS Group (Australia) Pty Limited (ABN 78 000 862 797, AFS Licence No. 247013). The Product Disclosure Statements relating to these warrants are available upon request from RBS Equities or on our website www.rbs.com.au/warrants © Copyright 2009. RBS Equities. A Participant of the ASX Group.

Explanation of Warrant Tables: Security – refers to the code ascribed to the warrant, ExDate – refers to the date on which the warrant expires or is reset, ExPrc – refers to the exercise price, or second instalment payment, CP – tells you whether the warrant is a call or a put, ConvFac – the conversion factor of the warrant which tells you how many warrants you need to exercise in order to take possession of 1 share, Delta – tells you how much the warrant will move for a 1c move in the underlying security, Description – Tells you the type of warrant. All charts taken from IRESS unless indicated otherwise

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