Yes I understand there is a insto and retail component. My point is that half the shares to be issued are safe from hitting the market, compared to the outcome of a 50/50 insto/retail deal (as was incorrectly reported).
And do you really think the short covering will risk it and wait for the new shares to be issued or for a few stale holders to exit (especially as mine closures and low inventory start to show up in the zinc price)? There are 57m still open. Think about that. Even if 25% seek to cover, that’s 14m shares that need to be purchased in what’s a very illiquid stock.
We’ll have buying pressure from those seeking exposure to zinc, those seeking to exploit the massive short squeeze and shorters themselves seeking to cover. Perfect storm and a sweet trade setup.
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