Network International seeks to reassure on business as shares plummet

MILAN (Reuters) – Dubai-based payments processor Network International sought to reassure on its business trends on Monday after its share price halved in value in less than a week in what traders said was linked to a build-up in bearish bets.

“The Company is not aware of any reason to justify the move and is pleased to report that the trend of improving volumes in directly acquired domestic TPV, reported for July with our interim results, has continued in August and early September,” it said in a statement.

Network International shares were down 23.3% by 0828 GMT, bringing losses since last Tuesday’s close to 48.5%.

According to the latest data from the Financial Conduct Authority, CapeView Capital LLP, Kuvari Partners LLP, and Gladstone Capital Management LLP have rounded up their short positions on the stock this month to 0.72%, 1.54% and 0.81% respectively.

None of them responded immediately to a request for comment.

(Reporting by Danilo Masoni; editing by Thyagaraju Adinarayan)