Ann: Trading update and fully underwritten A$30m equity raising, page-56

barrenjoey won’t want to be stuck with a load of stock so the price will be held up. I expect the retail take up to be even lower than the previous low level. The price is being held up by shorters closing out their positions 10% short is about 15m shares to repurchase. Christmas has come early for them. I note that retail holdings have increased as a percentage of total holdings so institutional holders have been unloading. 60% uptake by institutions is pretty poor. If the next update is not positive the shorters will return and drive Appen into the ground. CEO has now been in place for a year, seems like he took over a complete basket case but he should have achieved some results by now. Disappointing for all holders.