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Another 500k uncrossing trade. I do wonder if the shorts have already bought back and are now just filling up their own pockets for the rise.

Can they buy and hold the shares before handing them back so as not to give advance warning to the market or does it need to be reported upon as soon as the purchase is made?

It's incredible this is looking like breaking below 1.20 now with just 3 trading days remaining.

The shorts really are brave here. Hopefully their greed will cause the eventual rise here to be even more explosive though

The 101.9 million new shares were placed at a price of 230 pence per share

Still over £1 higher than the current levels and that was at the start of the pandemic before any vaccines etc.

I for one can guarantee I won't be taking 10-20% as I won't have broken even at that point.

Josey and Genghis, agree that institutions will be on much higher averages, but that's why the price has been driven down so much. In my view, someone wants to put them in a position where they'll be glad to get most of their money back.

We'll see I guess.

I'm not sure why it hasn't shown up in my research before, but another snippet related to a potential takeover here.

Izabella Kaminska 12:55
It’s been a while since we’ve seen stake building in a FTSE 100 listed company by a wily entrepreneur…

Anything else? Because I have some stuff on Japan to finish off with and a quick energy thing…

Ben Harrington 12:57
Well, the UK M&A market appears to lack a bit of confidence at the moment and arb funds have been complaining there aren’t enough announced deals, which is never a good sign. The Smith & Nephew UNCOOKED bid rumour doesn’t seem to want to go away and neither does the takeover talk enveloping Bunzle – one has to assume both of those deals would be trade buyers though, giving the speculation an extra bit of plausibility.

Izabella Kaminska 12:57
They would be mega deals if those happened.

Ben Harrington 12:58
There has also been talk about National Express, the bus and rail company being a takeover target. Given the recent activity in the sector i.e. DWS Infrastructure buying Stagecoach, which National Express tried to merge with before the German group’s approach and the failed approach from Isquared for FirstGroup … you can see why. But what with the financing markets where they are and the threat of Labour government the market is buying that rumour at the moment …. Let’s see … no smoke without fire as they say!

Someone about 2 weeks ago (sorry I forget who) posted that they were convinced that this is exactly what is happening here and posted a really interesting article with signs that your company could be subject to a takeover approach. It's worth looking out for as to me the tanking stock price would have suggested the opposite, but actually this article showed why that's not the case. It also would explain why 95% of the shares are still being held by institutes and insiders.

Good point Primetime. At least we've also got an explanation for yesterday's drop too.

Damn, that's incredible. Sorry JG. Hopefully they'll get caught out by their greed. At least 95% of holders appear to think so.

Incredibly an investment of about £30m would take out the entire free float, then what?

Only 5 more trading days until the annual results...

They aren't increasing their positions JG

I've only just started viewing the FCA "daily" short positions, but the Excel Spreadsheet doesn't seem to have updated since the 17th. Is anyone else here familiar with it?

Manz has also said he bought into this stock, so if he was that confident he'd have waited until that £1.10 price.

We are all trying to find the right entry and exit point. Presently I regret my buy in price, but I imagine I regret it a lot less than those organisations and insider's who bought in at well over £2 (and are all still holding by the way)

It's actually not guesswork. The company is obligated to update the market if something material is going to come out and JG even had an email from them saying they are in line with their expectations which is why no update has been forthcoming.

Right now shorts look like geniuses, that could very quickly change if the sentiment here switched or if an institution decided to average down at these levels. The numbers they are playing with each day are tiny compared to the overall shares in issue so it wouldn't take much.

Shorts only win when they've bought back in.

Still, low volumes can be used to push it up or down so it could have very quickly ran away from them. Especially if September's takeover rumours started to gain a bit of substance.

Looks like a £500k UT at 1.234. Can't believe how well the shorts have done here if they really are managing to close out at these levels whilst continuing to bring the price down. Incredible given that the company is actually posting positive trading updates.

I've not seen a 155 price target, do you know who apparently set that?

Down to 1.23 then up over 1.30 in an instant

896k showing now. So about 50% of days trade is in the UT auction

Also I've checked on the FCA website and it seems LSE's report is correct. Short tracker must not have updated yet.

Indeed. GLG are sat on a really healthy profit now, as are Tellworth. Both could close with a tidy profit at these levels and go long for the ride back up should they choose to.

If those paired trades are indeed them returning shares then it wouldn't surprise me if we get a few more updates this week given the transactions that took place last week. They are going to want to delay publication as long as possible to keep the price down.