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Gold/Mining/Energy : Napier International Technologies Inc. (T.NIR)
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To: David in Ontario who wrote (1074)8/10/1998 1:30:00 PM
From: Neil Irwin  Read Replies (1) of 2444
 
FWIW,

Much has been said recently about the increased short position in NIR (an increase in several 100,000), and how these guys could be squeezed - meaning that they'll have to buy in and push the share price higher. However, this increase could be linked to another recent event: the release of escrow shares. It's possible (probable?) that the holders of the escrowed shares would have shorted the stock prior to the escrow release date. They would use the escrowed shares as collateral. Thus the reported number of shorts would increase, and they would cover these with their escrowed shares without having to buy back on the market.

The selling pressure created by shorting the shares would have driven the price down. So, maybe we are just seeing it rebound now to its 'normal' level. That's doubtful, though, seeing as the volume is also higher than the number of shares shorted.

JAM2CW

Neil.
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