TNT Chart, page-4423

I dont think the short interest is based on anything fundamental.

There were 13.0m shares transferred as security for loans in July this year:

* On 9/07/21 Julian Challingsworth transferred 7.0m shares as security for a loan.
* On 16/07/21 Kurt Hansen transferred 6.0m shares as security for a loan.

The custodian will typically short the shares to partly hedge out their position.

The rise in short interest from mid-July reconciles with this event.

So as the share price falls, the custodian with short more stock in order to balance the books from a risk perspective.

For now, this is self fulfilling until there is a positive catalyst to get the share price moving higher.

And it works both ways - as the share price rises, the custodian will need less collateral and effectively cover the short position.

Thats my interpretation of this situation, for what ts worth.