Canaccord, Management, and Shorters Relationship

Let’s watch this play out for the fifth time: a predictable surge in short positions right before a capital raise, followed by a sharp off-market unwind the day after. Typically, around 60 million shares are quietly placed with short sellers, who then reduce their exposure without ever touching the open market.

It’s a familiar, well-oiled scheme—white-collar corruption dressed up as capital management. And once again, Canaccord is at the centre of it, with ARU’s management not only tolerating the pattern but actively engaging the same players.

Now ask yourself: if you were genuinely trying to lift the share price ahead of a raise for FID, would you let Canaccord anywhere near the deal? Or would you bring in someone else—someone who forces short sellers to cover on-market, triggering a proper squeeze? To support the retail shareholders that you work for.

But interestingly, this all helps our incoming Labor government to buy in at a lower SP. So why would anyone regulate this ASX?


Every time we’ve flagged this behaviour, we’ve been right. I wish I weren’t. I hold shares in ARU, and I’m sick of repeating myself. This isn’t just poor governance—it’s a disgrace.