Ortex Data: GGP Shares on Loan etc.

[_J_C_]

Ortex data collected on Wednesday 17th August.

95.30m shares on loan, +1.38m

[Hydrogen]

Looks to me, Someone is acting to defend a deteriorating position...?

Why keep gradually adding - and so much - over such an extended period of time?

….Meanwhile the fundamentals (MRE , growth drilling results, depth to orebody, scally + EJ drilling get closer) and price is now apparently moving the opposite direction?

Smacks of "their efforts are having pretty much zero effect now". But what I don’t get is the ‘progressive nature’ of this short position. The way it’s always ‘growing’ suggests to me, it’s not about anything specific or any ‘event’ in particular…. Its looking more an over extended ( now failing ) attempt at price suppression.

Otherwise, it’s just illogical risk management.

If you believed ggp was worth shorting 95m at 11p then you would surely have believed the same at 14/15p 6 months ago - for much much better returns…?

So evidently, it’s not about returns. And presumably, You would have closed at 9-10p. But they maybe can’t/ won’t close - that would be pretty difficult now. Because they are an estimated 30% of total volume… and 7 days of trading..

Feels like this is either about defending a position…

Or it’s about… possible accumulation or price suppression, for some future event.

Someone has to buy back 95m. That’s between £11m - £15m worth of stock depending on the average price… its a Vaneck / Blackrock size buy …

But all the while, bar JPM asset management, 'they' remain hidden, under reporting thresholds - but why? If you were that sure, that convinced, you’d be out open… shouting like Muddy Waters - not hiding under the radar..

And this has now become one helluva cul-de-sac creek. They keep selling and Jupiter hoovers up.

[_J_C_]

Ortex data collected on Thursday 18th August.

95.66m shares on loan, +360k

Ignore the 20.26m short figure, Ortex have been in touch and they’re playing about to resolve glitch. Still 0.5% short reported by FCA yesterday (https://www.fca.org.uk/publication/data ... pdate.xlsx)

[_J_C_]

Ortex data collected Friday 19th August.

95.66m shares on loan, consistent.

[_J_C_]

Ortex data collected on Monday 22nd August.

95.96m shares on loan, +300k

[_J_C_]

Ortex data collected on Tuesday 23rd August.

98.15m shares on loan, +2.19m

[_J_C_]

Ortex data collected Wednesday 24th August.

97.32m shares on loan, -830k.

[_J_C_]

Ortex data collected on Thursday 25th August.

47.57m shares on loan, -49.75m

[_J_C_]

Ortex data collected Friday 26th August.

47.55m shares on loan, -20k.

[_J_C_]

Ortex data collected on Monday 29th August.

99.57m shares on loan, +52.02m.

We all know Ortex is not perfect, but it is one of a few tools we can utilise. We will need to see more data before jumping to conclusions, but perhaps there has been some reporting trickery. Following the shock decrease in shares on loan, I contacted Ortex. Excerpt from their response below:

[_J_C_]

Ortex data collected on Tuesday 30th August.

101.45m shares on loan, +1.88m.

[_J_C_]

Ortex data collected on Wednesday 31st August.

103.42m shares on loan, +1.97m

[_J_C_]

Ortex data collected Thursday 1st September.

97.92m shares on loan, -5.50m.

[_J_C_]

Ortex data collected on Friday 2nd September.

83.49m shares on loan, -14.43m

[_J_C_]

Ortex data collected Monday 5th September.

83.05m shares on loan, -440k

[_J_C_]

Ortex data collected on Tuesday 6th September.

82.14m shares on loan, -910k

[_J_C_]

Ortex data collected on Wednesday 7th September.

79.51m shares on loan, -2.63m

[_J_C_]

Ortex data collected Thursday 8th September.

77.60m shares on loan, -1.91m

[_J_C_]

Ortex data collected on Friday 9th September.

77.06m shares on loan, -540k

[_J_C_]

Ortex data collected Monday 12th September.

78.41m shares on loan, +1.35m