I agree completely. The warrants are definitely a shady way to increase holding. The quantum of the warrants is small though.
NCC is definitely not a long term secular growth story for me anyway, only an under-valuation play. Their RoCE for last 10 years is only 12% which is barely above cost of capital.
As you rightly said, I do not plan to hold it for several years, only until I feel it is still under-valued (which I do right now).
Disc: Invested, full PF here.