Why do you think the shorters are going to have to purchase all the shares on market? When the lead managers are doing the ring around to brokers/instos the shorting insto can buy via the placement through their brokers and cover the shares this way. Lets assume A$12M of the raise Is going to instos that is 80M shares - more than enough to cover any outstanding short position. I.e no need for the shorting insto to buy on market
Not sure that there is significant appetite for long insto funds for the base metals space in general at the moment given the macro situation.
All that said there is probably a short term trade to be had based on the news.
NCZ Price at posting:
15.0¢ Sentiment: Hold Disclosure: Not Held
