Have been sent notification of share/warrant offer. Does anybody have any opinions about it and also can someone explain exactly what a warrant is and how it is traded.

Mary...from what I can gather XEN need this cash to take the drugs in the pipeline onto the next stage. It is quite common for a Pharmaceutical Research Co to require a lot of investment before they eventually bring something to the market.Hence the shares will bumble along the bottom for a lengthy period of time...However when they make a real discovery then their shares are likely to take off ala Pfizer a few years back and recent climbs for Alizyme and also Cenes and others.
As far as this placing is concerned you have the opportunity to buy shares and warrants at a very reasonable price with no dealing or spread costs.
If you say YES and Xenova do not raise the TOTAL cash they are hoping for, your money could go down the pan as Xenova have said they only have enough funds to survive 12 months...however if you say NO and they get all of the funds they require, it is my guess that they will rise as they will have funds that can finance their research, without having to go cap in hand to the lenders at high interetst rates.
In the end it is your decision, but unfortunately you cannot do your lottery numbers on a Sunday morning...Be lucky

Thanks for all the advice, think I will take a gamble - one more question,on purchasing shares at a later date via warrant price will I be liable to stockbroking charges or are they exempt?

All that matters is -- they do not have sufficient working capital...AND
they cannot get the money from the banks rgds aj

Hi bucketts that was nice of you to take the time, you sound as if you know what you are talking about. I will have a look at the price they are asking nearer the time and then make up my mind.Hi Ellie if you aready own shares their wont be any stockbroker charges so thats a bit of a saving if you buy. Take care Mary