Ann: Blair Way to Retire from his role as Chief Operating Officer, page-18

just couple things to note regarding the uplift in shorts. Aside from the collapse in sentiment for Li sector, looks like the spike roughly coincides with timing of the placement ( fast money funds sometimes hedge their allocation prior to allotment) . Also if you look at pre mkt trades there has been an uplift in volume crossed pre mkt with PMET typically trading slight premium vs. PMT. Suggests AU funds may be arbing the differential or just looking for execution alpha in PMT via the fungible Canadian line which may be adding to the demand for borrow.

Would make sense considering the geography of share ownership structure

With the PMT AU dominant volume and price discovery trading instrument one catalyst to keep an eye on is if AU line begins to trend premium vs. PMET