Price action, page-21

I am almost certain we're seeing some advance positioning going on. The buying has been very sustained but they're also taking care not to push the price up too much in the process. That makes me think it is a single buyer, but that's just a hunch. If we get a competing buyer or two we could see things change very quickly.

It will be interesting to see how far AEF intend to sell down and at what rate.

From the big pharma perspective, accumulating a blocking stake would put them in a strong position when it comes to buying out or licensing from IIL. From a shareholder's perspective it would be great to end up with 1) a successful trial and 2) at least two competing buyers each with blocking stakes (a shareholder's "holy grail" scenario).

However to get a 10% stake in such a tightly held share as IIL will be difficult without pushing the price up sharply, especially if AEF slow down or stop selling. In the meantime it looks as though the buyer/s are happily taking whatever is put on offer as most of the buying appears to be coming from off-screen.

And yes your comment about the treatment itself, and what it could mean for many SPMS sufferers if it is proven successful. It is always good to remember what this particular story is all about and that it's not just about the company and its shareholders, but a great many more people who stand to benefit in far more meaningful ways.