the further the share price fell from the conversion price (still not sure what that is, but lets guess 110p) the more unlikely it was that the wrrs would ever be worth anything ie they are only in the money once the share price has got above the conversion price of 110p. conversely, the nearer the share price gets to the conversion price the more valuable the wrrs become. but there are many other factors involved also as there will always be with such an illiquid security. also, i remember there has been mix ups in the past about whether or not the wrrs were actually listed on the LSE. my experience of these type of wrrs, (note, not the recently listed type) is that each one is unique and has to be looked at carefully, maths, correlation etc etc ofton plays no part in the price the wrrs trade at.
what i would like to know is whether the recent wrrs buys have been by insiders, or just punters who think they look cheap.
in any case, wish they would switch some of their buying to the cnvs!
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