I get the general gist of the whole shorting thing but am definitely no expert. I obviously didn't initially read the announcement very carefully as I didn't realise that that they hadn't bought the shares (rather simply borrowed them) till I read this thread.
I would think the only reason they would "borrow shares" is to sell them on market then hopefully buy them back again later at a cheaper price (shorting).
I think the fundamentals of this company are very strong so it would seem like a risky move, however I think, if in fact they are thinking of shorting (just guessing here), maybe they might feel that if the convertible bonds are converted later this month this might lead to a lot of selling which will force the price down. I also think this may be the rationale for the share buyback (to soak up some of those shares to try and limit the impact on ordinary shareholders).
Again all just a theory, and before anyone gets on my case for not holding any stock and "down ramping", I was holding stock till today and am definitely not downramping. I believe the fundamentals of this company make it a screaming buy, just might wait till the motives of BOA and the impact of the bond conversions (if they happen) are a bit clearer till I get back in. May turn out to be a bad move but guess I'll only know in hindsight.
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60.8¢ |
Change
-0.023(3.57%) |
Mkt cap ! $1.298B |
Open | High | Low | Value | Volume |
61.5¢ | 62.8¢ | 60.0¢ | $5.600M | 9.163M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
44 | 621561 | 60.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
61.0¢ | 392293 | 58 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
45 | 623624 | 0.605 |
29 | 804260 | 0.600 |
21 | 292973 | 0.595 |
20 | 462270 | 0.590 |
11 | 1080942 | 0.585 |
Price($) | Vol. | No. |
---|---|---|
0.610 | 391248 | 57 |
0.615 | 336864 | 27 |
0.620 | 722836 | 19 |
0.625 | 158909 | 8 |
0.630 | 836754 | 19 |
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