big volume early, page-6

I doubt anyone cleaned up on puts, and expiry is not until thurs week. There was, however an adjustment to all tls options due to the announced divvy, so there would have been some long and some short, that decided to exercise positions. Net result is nuetral for tls, ignore 50m traded before opening.
Yes it did catch my eye in preopen also, Arthur.

TLS Exchange Traded Options - Trading on Adjusted Basis, 17 March 2003
17:40, Friday, 14 March 2003
Please be advised that Telstra Corporation Limited (ASX code: TLS) announced on 27 February 2003 a special dividend of 3 cents per share.
As per policy, the Exchange will make an adjustment to TLS ETOs for the special 3 cent dividend.
Accordingly, all trading in TLS ETO contracts will be on an adjusted basis commencing at the start of normal trading on 17 March 2003.
For an old contract size of 1000 shares per contract series, the new quantity of Underlying Securities has been adjusted to 1007 shares and the adjusted strike prices, calculated by a multiplying factor of 1000/1007.40 = 0.992654.
Please contact the Trading Floor on 1300 360 892 if you have any further queries.