Looks like the warrants are/will be completely busted.
Curious in a way because NTA of the head shares is quite a bit above the assumed exercise price of $1.26/$1.27. But no point in exercising if KFL trades on market at such a significant discount that the manager is conducting daily buy back operations. Of course the June dividend will further reduce the current NTA before the exercise date and may halt the buyback as a result.
Non exercise will be good for existing KFL holders because it doesn't give rise to any further NTA dilution.
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