The margin for this pure "arbitrage" trading is very low... and hence, I don't think such small gains are the real underlying reason for this trading behavior...
The aggregated short position of STX went from 62m on 14th Aug, when the t/o announcement was published, to now over 100m shorted shares as of 19th Sept. I think, the delta of 40m additional shorted STX shares were used to buy about 80m TPD shares in the last 5 weeks or so...
This would represent more than 10% of the (fully diluted) capital of TPD...
I think, we can count those shares to the STX camp and hence, those shares are helpful to get the TPD transaction over the line...
(whoever might be behind these actions...)
We saw a very similar pattern during the WGO t/o...
shorts, page-494
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Last
22.3¢ |
Change
0.003(1.14%) |
Mkt cap ! $630.3M | |||
| Open | High | Low | Value | Volume |
| 22.0¢ | 22.5¢ | 22.0¢ | $88.00K | 398.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 25 | 2172615 | 22.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 22.5¢ | 1254570 | 19 |
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| Last trade - 11.49am 13/11/2024 (20 minute delay) ? |
| STX (ASX) Chart |