The Rural Funds Group (ASX: RFF) share price has soared 41 cents or 30 per cent higher to $1.77 after the agricultural company said it “rejects entirely the unfounded allegations of financial impropriety and irregularity” detailed in a selectively released Bonitas Research LLC document.
Bonitas has a short interest in the RFF share price and stands to realise significant gains in the event that the RFF share price declines.
RFF shares went into a trading halt on Tuesday after the Bonitas document was released, but not before its share price plunged 42 per cent.
Even after its jump today, the RFF share price is still down 25 per cent compared to the day before the Bonitas document was released.
RFF said results for the financial year ended 30 June 2019 are scheduled for release on Tuesday, 27 August 2019 and remain in line with guidance.