Trading Dividend Yield Play with Instalment Warrants

On another thread, I was asking about rolling instalment warrants.

Here, buy instalment / vanilla highly geared warrants before ex-dividend date, receive dividend and franking credits, buy new instalment warrants for another company before ex-dividend at the same time selling the previous warrant , receive dividends and franking credits ... and so forth.

The most that I can loose is the initial price ( if the share price goes to zero, the value of the current warrant is also worthless ) for whatever warrant that I am in, which is good since if I only pay 10% ( remaining 90% is the loan amount on the instalment ) each time, that's the most that I can loose.

What's wrong here ?

At least I see that I could potentially loose my initial investment, but given that it is a small amount and highly geared, I could tolerate that and in the long run, the dividends that is received should exceed the initial amount spent for the very first warrant. Compare to rolling warrants, this seems to be a "faster" way of recovering the initial amount spent.