At the last substantial holder report I have seen Citicorp held 10 million shares and HSBC held 7 million shares. I am unsure if they will have to sell on rebalance. I believe these institutions came onto the substantial holders list at a higher price. Possibly at the capital raise, $1.73 from memory. They most likely lent their shares out to be short sold.
Buying at a high price, lending shares out knowing they will short sold, and then having to sell the shares they previously lent out at a loss. Losing money on ASMs predictable transition out of indexes would not be a good business strategy. More going on than I can fathom.
ASM Price at posting:
$1.56 Sentiment: Hold Disclosure: Held
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