Borano is selling. but n sufficient quantities to move the dial which has just touched 10.5 to give the company a market cap of A$175m being $75m discount from cash on hand and an 88% discount from stated net assets. With now 1bn CRN shares having traded on market since ASX 200 removal day in March the question of who is selling is becoming intriguing . I have it said earlier I suspect that sev.en are orchestrating huge volumes of same day selling and buying . It's lawful but exposes them to that well resourced punter that decides to pounce on those well signalled sell orders. Also, I dont think that sev.en are sufficiently resourced to buy any Coronado assets and if they have outlaid their own cash for the purported US$40m investment in the 2029 Notes then they are a bit silly also. The Coronado management - the CEO and the CFO- have demonstrated admirable resolve in the past 2 ASX announcements. They have shown the door, effectively, to Australian Super [ which I believe are now out of their CRN CDIs] and today they have demonstrated that they are on top of what is a temporary liquidity issue. So..amongst the sellers who is left ?. The rump of terrorised retail shareholders who refuse to take an embarrassing loss at the hands of the mercenaries at the gate and the few remaining institutional types with precious little experience of such a crisis. And then there are the foolhardy shortsellers with a short position of 58million . Young, stupid and ill-informed they would love to short sell more CRN ..if only they could borrow stock. However, they may soon find out that the provided of the borrowed stock- Australian Super, L1 Capital - have departed. So a short squeeze in CRN is developing. Watch.
CRN Price at posting:
10.8¢ Sentiment: Buy Disclosure: Held
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