Please refresh the page and retry. A n activist investor has backed Majestic Wine's plan to offload its entire retail business. Gatemore Capital, which has previously agitated for change at French Connection, has disclosed a stake of almost 4pc in the company, making it a top ten investor, after steadily amassing shares since the start of the year.
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Selling an option creates an the obligation of the seller to provide the option buyer with the underlying shares or futures contract for a corresponding long position for a call option or the cash necessary for a corresponding short position for a put option at expiration. If the seller has no ownership of the underlying asset or the corresponding cash necessary for execution of a put option, then the seller will need to acquire it at expiration based on current market prices. With no protection from the price volatility, such positions are considered highly vulnerable to loss and thus referred to as uncovered, or more colloquially, as naked. Naked options are attractive to traders and investors because they have the expected volatility built into the price. If the underlying security moves in the opposite direction that the option buyer anticipated, or even if it moves in the buyer's favor but not enough to account for the volatility already built into the price, then the seller of the option gets to keep any out of the money premium. That typically means that option sellers win around 70 percent of trades. A setup that appeals to traders and investors who like to win the majority of their trades. If the trader does not own the underlying stock, the seller will have to acquire the stock, then sell the stock to the option buyer to satisfy the obligation if the option is exercised. The ultimate effect is that this creates a short-sell position in the option sellers account on the Monday after expiration.
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