How will shorts close ? Especially with a B share structure + Anthropic deal13 Apr 2026 15:25
So we get a B share offer for say £180m buy back as Escode funds are part returned but keeping decent cash in the bank. The downside for holders of the B share is that we don’t get to choose to roll and not tender our shares but the positive side is £180m of shares are bought back in one go which will leave us 130m issued shares only assuming done at 120p.
Shorts are 9% now being 26m shares but let’s round to 30m including a few of the sub 0.5% shorters but there maybe more
Post the deal passing … shorts will be 30m of the 130m shares in issue and they will have to sort their positions out to navigate the B share which usually isn’t easy.
30m of 130m shares left in issue is 23% of the new issued capital. However, I would imagine that at least half the register will run the cyber play until it is sold meaning the shorts will really be 30m out of 65m shares in free float so near 50%. I would reckon normal daily volume will be 500k shares max post the buy back which means the earliest for shorts to close is 60 days but probably alot longer. I would hope they continue the buy back on the other side as well.
Throw in what I hope happens if NCC announce a distribution partnership with Anthropic … and this stocks goes meme very quickly and we get a quick 5x which is what the valuation should be anyway
Not long to go now - serious patience has been required but we are close to the turning point now with big rewards AND we get to reinvest our cash into NCC cyber in the market post getting our buy back cash
Exciting times
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