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Judith, the usual time length to expiry varies significantly between the issuers.

Deutsche Bank have a series ending in IDA which expire in 2010 but interest and instalment loan are adjusted annually in June each year.

Macquarie Bank series IMC expire in 2006 but have an interest payment and loan reset in May each year.

Most other series usually run for at least 18 months and in most cases a new series will be issued by the same issuer and you can roll over into the new series without any CGT cost.

If you sell Macquarie Bank issued warrants to buy into Deutche Bank issued warrants then there will be CGT implications even if its the same shares eg NAB. The way to get around this is to pay out the existing loan on the warrant and then apply for a warrant to be issued against the shares by the different issuer - similar to refinancing a mortgage with a different bank. If you do this there won't be any CGT as there is no transfer of the shares.

Hope this is clear. Oh and yes they are very similar to the Telstra warrants.


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