I don't think the shorters will need to cover on this one.
KAR won't issue, if the case, rights at a higher price, will be much less.
If fully underwritten then i only see a surplus overhang as most retail shareholders might have had enough.
As for the instos they are laughing, more shares to lend out.
I don't think it's a good outcome but it was unnavoidable.
non renounceable rights issue, page-6
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$1.48 |
Change
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Mkt cap ! $1.187B | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 5986 | $1.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.40 | 3400 | 1 |
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