yes, the wd premium is cheap now.. let say you expect mother will up to 0.80, then the wd value will be 0.80-0.32= 0.48. the drawback will be, if mother is less than 0.32, then your wd is only a paper, no value at all, and you dont have any dividen even if mother announce dividen payout. if you have high prospect on this share, then you can go with warrant.