BRPAW & BRPAR are undervalued due to an amount of risk associated with them. If there is no merger that would mean they have no value while the shares are covered by funds in the trust.
To piggyback back onto JB’s answer, a contributing factor to the undervalued appearance of BRPA warrants and rights is the fact that BRPA common shares are priced ‘high’ due to only 600,000 shares in free float. Supply and demand. Warrants and rights will catch up.
JB also mentioned in a previous post that the rights are where the action will be. Food for thought.
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