OTCPK:GBGPF - Post by User
Post by
MartialArtson Mar 18, 2018 2:41pm
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Post# 27736102
The unintentional "short sold" shares of CMED
The unintentional "short sold" shares of CMED
We have an very interesting dynamic at play here. And unintentional "short selling" situation that some of the less organized discount brokerages like RBC Direct Investment created.
Holders there who tendered shares but who also then subsequently sold on the markets are "short". So they were converted on Friday, received shares and cash and now that they have to submit their shares. Problem is, they don't have shares so they have to buy them back.
It will be interesting how this plays out since RBC is a complete and utter mess. They allowed holders to sell tendered shares while most other brokerages prevented it. And they have their expiry dates all messes up arguing that they did not receive extension notices earlier this week and then claiming the new tendering window was only opened from March 14th to the 15th for the extended tendering process ending March 25th.
I recommend that all RBC holders contact them to get the "story" on the dates. We can share notes here in public or via private messages. What's shocking is RBC is the largest discount brokerage in Canada but they run their shop as a mickey mouse operation.
Settlement timeframes is 3 days so we might still see an unintentional short squeeze coming up driving up price spikes on CMED in the coming two day or perhaps that is what we saw on Thursday? I need to review the tape.