Shorts will be given an offer they cannot refuse. This is the ASX not Wall St. I have not seen Gamestop kind of short squeeze in the ASX. Never happens. Even if GMD has the making for one... It will be orderly because it is a small pond. Shorts declaring an FTD (Failure To Deliver) has grave consequences to the lender and downstream contagion.
Or shorts can burn the candle on both ends by paying the ongoing borrowing cost and closing the short position slowly at higher prices.
Either way positive for the GMD SP but on a longer timeframe.
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