The margin for this pure "arbitrage" trading is very low... and hence, I don't think such small gains are the real underlying reason for this trading behavior...
The aggregated short position of STX went from 62m on 14th Aug, when the t/o announcement was published, to now over 100m shorted shares as of 19th Sept. I think, the delta of 40m additional shorted STX shares were used to buy about 80m TPD shares in the last 5 weeks or so...
This would represent more than 10% of the (fully diluted) capital of TPD...
I think, we can count those shares to the STX camp and hence, those shares are helpful to get the TPD transaction over the line...
(whoever might be behind these actions...)
We saw a very similar pattern during the WGO t/o...
shorts, page-494
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Last
23.5¢ |
Change
0.010(4.44%) |
Mkt cap ! $673.3M | |||
| Open | High | Low | Value | Volume |
| 22.5¢ | 23.5¢ | 21.5¢ | $2.556M | 11.39M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 13000 | 23.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 23.5¢ | 1913398 | 20 |
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| Last trade - 16.10pm 09/10/2024 (20 minute delay) ? |
| STX (ASX) Chart |