If the institutional uptake was only 45%, then you would think the underwriter will end up with a swag full of shares. It is possible the underwriter is the main shorter, has known about this for quite a while and have just been covering their position of ending up with lots of shares.
Looking at the big picture, Myer will end up with 1.2b shares or thereabouts, and if cashflow were to go back to the $200m mark, especially with lower interest payments, then the $.94/sh is still a little high. With no dividend for a year or so, then I would want to pick them up at around $.75c for a longer term hold. For shorter term trading, I would use that number as a central point, ie gets to 60c buy goes up near $1, sell.
I agree with Markie's short term short trade, good luck!
MYR Price at posting:
95.0¢ Sentiment: Sell Disclosure: Not Held
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