I think this shorting is less likely against a cap raise and more likely against potential ASX200 removal. If so, I think shorters have this one wrong. Still likely above $1 billion mkt cap on an 6 month average basis and likely there abouts with continued positive business outlook. There were a big number of removals in March. I'd suggest PNV more likely spared and may see a bit of a short covering spike post the rebalance announcement if so.
PNV Price at posting:
$1.38 Sentiment: Buy Disclosure: Held
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