LOT Chart, page-298

Thanks for the explanation Riv. I also had a look at the latest Top 20 Shareholder list I could find (from last year's Annual Report) and the Top 20 hold around 70% of the shares. They tend to be long-term holders. So, unless one or two of them want to sell down, trying to buy back around 90 million shares on market could have a major effect on the price.

The only justification I can see is if the shorter thinks they will be able to buy back the shares following a capital raise. But listening to the LOT Webinar yesterday, I got the impression from Grant Davey that the amount of money needed will depend on the condition of the mothballed plan and mine, which was still being assessed. They also may be able to borrow most of the money they need. So a very high risk IMHO.