BF, that is why they very rarely do deal in small or micro caps. Institutions can have "relationships" with spreadbetters - to think that IG do not have some very well informed and well placed individuals would be dangerous. Finally, of course they would only make money shorting if the price dropped but they could probably borrow very large amounts of stock to sell (hence the 100k sells). Data on shorting and next to useless - we will not know that it has been going on until much later.
ARX was a classic short at 28p-ish due to the quick rise and the speculative nature of the share (check the charts for PDX and TDM - maybe even TEO). These 4 shares are of a similar ilk and are excellent shares for trading as they are so volatile.
It will all come out in the wash but "could" fall another 30% easily enough. Long run I think it will be a winner.
Holding TEO and watching PDX and TDM (all off highs like ARX). Will they all regain their previous highs?? 3/4 probably will imo.