Hedge Fund Gets a Target to Cover Its Short Position (Bloomberg) A short position covering 17% of a thinly traded company is so big it risks being impossible to close. Other investors will see you coming. Yet hedge fund Asia Research & Capital Management Ltd. is set to cover most of its mammoth bet against the U.K.’s Premier Oil Plc by buying shares at a discount to the market price. That elegant exit is being provided courtesy of Premier itself, which is creating new shares for the purpose. It’s an embarrassing way for the oil producer to make peace with its adversary.