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MONDAY MULTIPLE

The drama of nil-paid rights trading

Sheer volatility marks the trading of nil-paid rights, and traders have to be aware of what drives the value of these options
Monday, August 8, 2016 - 05:50
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For short sellers, there is an upside risk in the coming weeks if Noble reports better results than expected.

LAST week, we examined the first part of the rights issue process of commodities trader Noble Group using the analogy of mothers and daughters.

We discussed how given the negative sentiment around Noble's accounting, the price to net tangible asset (NTA) ratio provided little practical