I don't trust the official short data, 618. I think it's an aggregate of genuine shorting, of the kind reported by Black Rock recently, and fake shorting.
What would a 'fake' short look like?
You set up three 'unrelated' accounts. Account A accumulates stock and lends it out to Account B. Account B 'short sells' the stocks to Account C through mid-point cross trades (which have been ubiquitous of late). These transactions are reported as 'short sales.'
Under this arrangement, Account A continues to accumulate and lend shares to Account B whilst not popping up as a large holding, as this might raise eyebrows of the managers of the target firm when they review the registry.
When it is time to declare you've got 5% of more, Account C 'sells' back to Account B (through a large cross trade), who passes their shares back to Account A, thereby closing out the 'short' position.
All you need to do is come up with a plausible story about the three parties being unrelated (just in case ASIC ask questions about the short sale data, which they never do) . You could run several of these schemes in parallel if you really want to fly under the radar.
Obviously, I don't know whether this is happening, but it would be pretty simple to implement. It would also mean the headline 8% short position should be taken with a grain of sale. Meanwhile, the high short sales figure of 8% has the desired effect. i.e. creating the impression the big end of town is betting against the target firm.
If this is happening, however, you'd expect a large fall in the reported short sales when/if Gina finally declares her 5% stake.
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