AFR: Vocus Group has pulled the auction of its New Zealand unit, page-11

Interesting development.

Hard to predict what the market with make of this. The upside is that the covenants have been reviewed and the Board will not be proceeding with an equity raising.

However, the NZ business didn't sell and regardless of the actual pros/cons, I think the shorters will punish this again. But they can't go too hard or too low as it's a knee jerk, momentum type trade so I think it'll come down to the teens against and spike back up very, very fast. The three major considerations for the shorts have been removed (low price/desperate sale of NZ; equity raising; debt covenant breach) so I'll be grabbing the popcorn, sticking in some wishful buys and watching the action today.