It sounds to me like the right price according the matrix should be around 9c. I'm guessing that the 15c is an offer to sell that's been there for weeks, without the order being met. I suggest you call the issuer (ABSA) to get the price matrix for such a warrant. More important: this is a hi risk warrant. It's close to expiry, so time decay will eat you alive. Also if the price is that low, the issuer may soon stop making a market for this one. Pref buy warrants above 20c, and more that 60 days to expiry. I think this warrant hasn't traded for a long time, because it's just too risky to touch....