Irish man Patrick Coveney, group chief executive of UK food operator SSP Group, would be forgiven for being a little concerned lately about the appearance on its share register of a number of new names GLG Group, Qube Research, Squarepoint and WorldQuant, who are taking short bets against the company’s share price.
A short bet is a risky trade in which the investment fund borrows shares in a company from a broker, sells them on the open market, and then waits for the shares to drop in value so that they can buy the now much cheaper shares, return them to the broker, and pocket the difference as a profit.GLG Partners has been steadily building its short bet in recent weeks, which now stands at 1.20 per cent of SSP Group’s shares, roughly equivalent to more than £14 million worth of shares.
In all, the value of shares being bet against is about £41 million. And while it’s far from the largest short bet in the London stock exchange, Coveney has been here before. During his final years with Irish convenience food group Greencore, short traders were a persistent feature, and at one point in early 2018 about 15 per cent of the shares in the company were subject to short trades.It’s had a €1.
Pay off your credit card, invest in your pension - here’s what you can do with your monthly mortage savingsSSP’s shares have slipped significantly in recent months from a price of around £2 at the end of May to their current price of just over £1.50. And that’s down from £2.60 a year ago and £3.50 in 2021.
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Source: IrishTimes - 🏆 3. / 98 Read more »