IMO the Shorters only way out of their growing predicament is to get out via the ASX 200 Index rebalance announcement due in 5 weeks time (Friday of first week June, ie 6th June).
Whilst the rebalance of the ASX 200 occurs each quarter, the ASX 300 rebalance occurs twice yearly, ie 6 monthly, with the next announcement due September. Thus CU6 will NOT be subject to removal from the ASX 300 before September 2025, if at all. Yes CU6 now, by market capitalisation is ranked around number 367, but thats immaterial at this time.
As I've stated elsewhere there were no more than 12.5 million shares traded at the time of CU6 being included into the ASX 200 (not all of which were necessarily by Index Funds), and therefore not all Shorters (now in excess of 24 million as of 4 days ago's reporting) can be guaranteed a way to get out via CU6's removal from the ASX 200 (which i assume, but is not assured) in June. That suggests to me that if the share price continues to rise there will be increasing pressure for Shorters to buy back on-market (that may have already begun the last couple of days?).
CU6 Price at posting:
$2.60 Sentiment: Hold Disclosure: Held
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