Unfortunately with the ASIC announcement last week and the huge run-up in recent weeks, CER was a very easy short for those traders who are willing to take the risk.
The ASIC announcement re legal action against the directors was made on 21st. It is interesting that the day before (i.e. the 20th), ASX records show that 55% (4.3m shares) of the 7.8m daily CER turnover were short sales.
The 20th appears to be a recent anomaly as the CER short sales rate had been between 1-5% for the couple of weeks prior to this point.
The ASX daily short sales reports are available here: https://www.asxonline.com/participants/index.html
There's no way anyone connected to the preparation of the ASIC court submission (which was signed on the 19th) would ever have considered short-selling CER ahead of the announcement. Nor would anyone involved in the two CER class action cases, who presumably were aware of the impending action. Doing so is of course illegal.
Therefore it must just be a very, very profitable coincidence for one or more lucky CER holders.
CER Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
