How to realise the value on Call Warrants?
If you hold a Call Warrant, the value of your warrant should appreciate if the underlying share price has risen, assuming other factors remain constant. You can realise the value of the warrant by selling the warrant in the market. Alternatively, if the warrant is American-style, you can exercise the warrant to buy the shares from the issuer at the exercise price instead of the current market price. Your gain is the difference between the exercise price and the current share price. You can realise this gain immediately by selling the shares in the market (the result would be similar to the case when the warrant is cash settled).
Normally, you would realise more value by selling the warrant, instead of exercising it, if there are still many days remaining before expiry and when there is still “time value”. You would only exercise the warrant if the warrant price is below intrinsic value, or because you want to own the underlying shares for some reasons, e.g. to be entitled for the dividend due.
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