LONDON (Reuters) – Ex Millennium trader and founder of hedge fund Kintbury Capital, Chris Dale says he is short the British telecommunications company, BT.

Dale told attendees at the Sohn conference in London that the debt levels of the company are rising and that its decision to reinstate dividends would cost the company. Dale entered short positions on October 27 and on November 30, according to the FCA register.

The company did not immediately respond to a request for comment.