WRLG.NT.UI am trying to understand the pricing of the WRLG.NT.U 'Gold Linked' units offerred in the listing.
What do you get for 105.00? The initial offering was $USF1000 a unit, which gave you $US1000 of 'notes', but not specifically stated was the number of notes. The total of the raise was "An aggregate of 27,165,631 Notes, in an aggregate principal amount of US$27,165,631", which implies a dollar a note.
Forgettting about the 12% annual interest beginning 1/1/26, and the premium at maturity based on the then-current price of gold, the price of the notes was 'linked' to a base price of $US1800/oz gold, the approximate price of gold at the time. What is implied here (but not specified) is that the 'linkage' (but not 'backing') for each unsecured 'unit' of 1000 notes was 0.555~ of an ounce of gold.
What does one WRLG.NT.U represent? 1/1000th of 0.555 of an ounce of gold? At the original offering price of $US1000 a unit, each unit would consist of 1000 notes at $US1.00 a note. $US1000 represented 0.555 of an ounce of gold. At today's $US2700 prices, that would be $US1.4985, or about $C2.02. But WRLG.NT.U is trading at $C105.00.
How many notes are in a WRLG.NT.U? Are they priced like bonds, i.e. per $100 of base price? If so, the price should be about $C200, not $C105, unless they are selling at a 50% discount.