Well played team HAS... and I thought 'gamma squeezes' were the preserve of US markets and meme stocks.
Twiggy buys a call option with $5.50 strike (although most retail seem to think it's a company put), secured against the $150M investment in NEO and against HAS assets (subordinated to secured lenders however), except he hasn;t 'bought' anything at all. Call options, even out of the money, cost some premium for the privilege of upside but no downside. Conversely, Twiggy getting paid ~12%pa for the con notes, so call option is not exactly the same but still a free call on taking up shares IF HAS ends up higher in 3 years.
Anyway, like a call option gamma squeeze, the market chases the price up to the call strike price with all the media blitz and 'Twiggy must know something' just to be hit with a CR that the market previously knew was coming but got distracted from in all the excitement lol. Twiggy's strike price now looks better value after less than expected dilution from equity raise (high price CR) which is a monkey now off HAS back.... take a bow team.
HAS Price at posting:
$5.42 Sentiment: None Disclosure: Not Held
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