Means that the warrant can be exercised at any time up to and including the
expiry date.
The number of warrants that must be exercised in relation to one share or an
underlying parcel of shares.
A contract giving the holder the right, but not the obligation, to buy a share
for the exercise price at a future date. (See also European
Style and American Style.) Taking up this
right is known as “exercising” the warrant.
The Delta of the warrant represents the relative change in the value of the
warrant to changes in the value of the underlying share price.
Means that the warrant may be exercised only on the expiry date.
Fixed price at which a warrant holder may buy (in the case of calls) or sell
(in the case of puts) a share.
Expiry date is the last day on which a warrant may be exercised.
Simple gearing is the ratio of the share price to the warrant price. Effective
gearing is the simple gearing multiplied by the warrant’s Delta.
Delta measure of the relative change in the warrant price to a change in the
price of the underlying.
The amount a warrant would be worth if it were to expire today; the difference
between the underlying price and the exercise price per share, divided by the
conversion ratio.
A contract giving the holder the right, but not the obligation, to sell a share
for the exercise price at a future date. (See also European
Style and American Style.)
The additional value of a warrant (if any) over intrinsic value due to the
remaining term of the warrant, and its limited risk characteristics.
A measure of the variation in a price over time.
An option contract traded on the JSE issued by an institution such as
The Standard Bank of South Africa Limited.
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