Need some education on Anglo NIL Paid Letters

[petarmales]

I am a newbie at this game and donn't know how some things work. I hold 1400 ANG and this morning I noticed on my portfolio that 345 ANGN was added at 1cents per unit. These are now trading at +- R78 1) How do these things work? 2) I assume that at the closing date? I will have to purchase 345 ANG at the rulling price? 3) Will the current price of ANGN get closer to the ANG rulling price? If someone can give me a run down of what the process is I would appreciate it. Thanks

[SimonPB]

each ANGN entitles you to buy 1 ANG at R194. You can sell the ANGN into the market or you can elect to take up the new ANG at R194 (the ANGN price should be ANG less the R194 take up price). If you elect to take up the offer you have to inform us AND have the free money in your account. Last day to inform us is 27 June.

[petarmales]

Thank you very much. I now know what is happening.