Some alternative possibilities:1. Those shorting ADN may in fact...

Some alternative possibilities:

1. Those shorting ADN may in fact be banking on the company not falling out of the All Ords (by reason of the MEP takeover and increased market cap) and as such the index fund(s) will not likely recall the shares in the near future;

2. Acquisition of the remaining MEP shares (whether on attaining them compulsorily or otherwise - e.g selective share buy-back as you mentioned) will require payment in cash. The total cash paid may be substantial (e.g circa $10 million for 10%?) plus associated expenses.

3. By reason of (2) above, and assuming the cash is drawn from ADN’s coffers directly or indirectly in part, this may necessitate a further ADN capital raising at some stage at least to replenish the necessary funds into which those shorting may then seek to cover a substantial number of borrowed shares (as appears to have occurred on the last occasion);

4. Any further downward pressure on ADN’s share price from here (e.g converted MEP holders selling down a portion of their new ADN shares; further delay arising from drawn out take-over processes e.g shareholder vote or court application; prevailing macro economic conditions) may assist in providing further liquidity for covering, and in any event provide a lower VWAP for a capital raising if it occurs.

This is all theoretical - just trying to consider things from another perspective - and certainly hope it does not play out in exactly this way. There are numerous potential upwards price catalysts in the wings for ADN; such as the DFS, concrete JORC and commercial agreement; etc.

Very best to all shareholders.