Unfortunately (or perhaps fortunately), the graph below shows...

Unfortunately (or perhaps fortunately), the graph below shows the story of the share price:


At present, there are almost 30 million shares held in short positions, almost 7.5% of the stock. When 50% of the daily sell side is 'artificial' - short - what hope does the price have of ever reaching its true value? This is liquidity that does not truly exist, and it is positioned to ensure that the existing short positions are not at risk.

There has not been an ability to push the price any lower than the current level, it is soaked up as soon as it gets too low, as the dividend becomes far too attractive. Thus, the shorters are a little 'stuck' now - they are making little from their position , and yet paying borrowing fees on the shares they hold. The short positions will be churning, for an ever decreasing yield.

We are in the same holding pattern that we were late last year, coming towards the annual. Last time, it resulted in a squeeze, and the shorters had to scramble to cover their positions, hence the rise in the sp. We haven't reached the same levels as last year ... perhaps a few people were burnt and learned a lesson - but I would suggest the same seasonal result will have the same impact this year.

The one thing that a three yearly does show - the share price bottoms about here - and so anybody in at this price has a pretty low risk investment with a great return. A normal annual result should see the share price back to the $3.50 mark, and a smooth run next year should see it head back towards (and over) $4.

If G8 can use this time to consolidate the centres they own, maintain and improve on their occupancy rates - generally make them more efficient - it well justifies the peace on the acquisition front. It adds to their value if they can improve organically the assets they own - and sets them up for further growth by acquisition in the future.