Mighty, you're incorrect - twice in one thread!
Free float is defined precisely for ASX stocks by S&P because it is part of the index inclusion/exclusion calculations. Free float excludes board and management and also excludes big long term holders (eg VC or PE) or other "strategic" shareholders. These people can allow their shares to be "lent" out in "borrow" arrangements, which increases free float.
There's also a less precise more practical day to day definition of free float which would exclude committed long term holders. These people also can "lend" which increases liquidity.
If I'm committed long term holder, last thing I'm worried about is shorters.
FYI - complaint to ASIC re short selling, page-56
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