I posted about BRNS quite recently.

http://boards.fool.co.uk/Message.asp?mid=11664756&sort=w...

It's pretty simply really. These are Subscription shares (like Warrants) for purchasing ordinary shares in Black Rock new energy investment trust (BRNE). The conversion prices are

46p until 31/07/2010
Then
50p until 31/07/2012
Then
59p until 31/07/2014

Current SP of BRNE is 49p. Current Subs price is 7p. Current NAV of BRNE is 55.94p

BRNE invest in mostly big cap new energy tech stocks. Companies like American superconductor, vestas, Iberdrolo and Itron. It's a pretty low risk way to play the Green tech theme. The underlying has underperformed of late as a lot of the holdings are dollar based and or dollar earners. A stronger dollar will help move things along and with a NAV of almost 56p the Subs already trade at a significant discount.

In order to win the share comp you need multibagger potential. Warrants or subs give you gearing that ords don't at the expense of ending up with nothing. A Share price of 80p on the ords at the year end should give me 500%. If punters decide to put a decent time value premium on the remaining 3 years it could be more.

I hope it works out as I've bought rather a lot of these. Luckily I have four years in the real world.

B4T