Ann: Ceasing to be a substantial holder, page-12

Outrunner 43

My view is you will never piece this together. Firstly, JPMorgan are not the only institution involved/ associated in the shorting. Worth looking at the schedule issued on the 9th of April ( Becoming a Substantial holder). Then see this Ann as a continuance of the prev. schedule. The 7 mill number as 'Total' could provide for some hope, but another cycle could just as well follow.

So much is masked by the 5% substantial shareholder threshold, the reporting requirement for substantial holders to advise if their holding changes by more than 1 %. Whats more is the fact that the schedule reflects a borrow return date. As example, JP Morgan can buy back shares and add them to their pool, earmarked for future return. They can also return shares out of their near 5% holding at any time. For you and I shorting is difficult and carries significant Risk, a single bet so to speak. For the high end of town, they can churn away using a multi bet strategy with contingencies, yielding much lower risk. They only time they really get burnt is on unforseen takeover news.

I am not a 'shorter' but have often been intrigued by the mechanisms used. Spent hours trying to 'Crack the Code' with zero success. Now rely solely on Shortman to provide tthe updated result. Anyhow this is my take. Happy to hear from others that have more informed real life experience on the mechanisms used.

Rokewa
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