Jessica Johnson submits: 
It would be true to say that people did increase their short positions in HBOS last Wednesday (11th June) when the bank's share price slipped below the Right's Issue price of 275p. These shorts are covered by new borrows at the close of business (T + 3 settlement in the UK), hence the spike in the data for the most recent dataset (Tuesday).
However, the Rights Issues do not start trading until June 27th. The shorts outlined above are opportunistic in that the bank was in real trouble, not a manipulation of a Rights Issue, because it is not trading.
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