No, shorts would never cover at a higher price and short positions in Regal are negligible anyway - currently at 1.51% and you need to be 2.47% to even make it into the top 100 ASX most shorted.
Interestingly Genesis has rocketed up to #2 on 9.66%, I gather the market is smelling more M&A requiring an equity raise from them. Other appearances are Tietto at #17 (significant grade/ramp up issues), Capricorn at #59 (premium valuation) and Bellevue at #73 (build risk, possible funding gap).
Despite the high institutional ownership, Regis is nowhere to be seen.
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