Coming from an investment banking background and having worked as both a market maker (outside Australia) and as a broker with corporate / insto clients my answer to your question is there is no profit above 19.5c.
A typical corporate broker will have access to several trading accounts while accumulating.
At least 2 of the accounts will churn by buying and selling from each other to create a market dynamic or illusion while a third will operate a policy of selling 2 to buy 3 at any weak levels in the buy depth.
This way trading appears to be at the higher level but the broker buys below the vwap.
Many corporate clients just want to be billed VWAP X number of shares bought. Broker makes a nice spread and client is happy.
On top of that you will have private individuals doing a similar thing and real buyers and sellers.
I might add I am not responsible for any BAS movements as I work solely in unquoted Private Equity these days and I bought my BASO back in early January.
EB
BAS Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
