Now the VBA shares being distributed to TOL shareholders are...

Now the VBA shares being distributed to TOL shareholders are supposedly being distributed this Friday 22nd. Allegedly.

Which means that the effective holders of about 55% of VBA have been not able to trade their exposure to VBA for the past 5 weeks or so.

The huge rise and fall of VBA since June has been done with the limited number of shares in the "free float" ( not owned by Toll or Branson ), .... or has it ?

Now the recent chart for VBA looked dodgy to me going up and equally dodgy going down, particularly as their mediocre result was widely foreshadowed already and occured for obvious and well known reasons ( high oil prices, etc ). No surprise there.

So the big question is, what will shareholders acquiring new VBA shares from the TOL spinoff do with them next week ??

What disturbs me, is how much of the recent VBA trading has been done using various kinds of stock borrowing and lending.