Market cap $1700 million. If 3.2% of shares are shorted that’s worth $54 million. So at $13.4 shooters need to buy 4 million shares. Little T said at $12 shorters were up $20 million. Average short profit 20/4 =$5 at $12 a share. So shares were shorted on average at $17. NEU have A$75 million (US $50 million) can buy 75/13.4 5.5 million shares.
So demand for shares is 4 million from shorters, 5 million from NEU and X million from punters. At what price will demand = supply? There will be no capital raising to fill supply.
NEU Price at posting:
$13.39 Sentiment: Buy Disclosure: Held
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