Rupe - I trade markets (not equities though) professionally for a living. I have NEVER heard of anything like it before. If he bought on the ASX he is entitled - end of story. The only way he could miss out that I can imagine is if it was through a CFD structure or something like that?
The person shorting should be liable and is now short the entitlement - though with an unlisted entitlement I am not sure how they can cover it so maybe there is a special rule about that.
I was under the impression you cannot short outside the top 300 so I am pretty surprised it even came up!
If there really are shorts then happy days!
Read the history of White Nile properly and you'll discover it was the id iots shorting it that made the price go so high.
Rupe - I trade markets (not equities though) professionally for...
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