Not a tree shake at all. Its holders selling heads to buy these options which are now tradeable. I am very surprised the ASX rolled over given the vote was for them to not be listed....... I'm surprised the announcement didn't come with an explanation from the ASX why they rolled over? Its pretty simple really. Sell your heads at 20c buy the options for say 5c and you save risking 15c on the heads if its a duster. For example. If you have 100k shares costing 20K you can have the same exposure for 5K assuming the options are at 5c. This is exactly what happened with the 1:1 options dolled out in the last CR. Big buyers taking as many as they could get to get free options, dumping their heads afterwards so that they limit exposure in a duster with all the upside if it a success case. Quite likely a lot of retail selling to buy options as well same case as above. It will be interesting to see where they open price wise, its all about limiting the downside exposure.
IVZ Price at posting:
19.3¢ Sentiment: None Disclosure: Held
