Chart, page-1950

As someone who works in the IB/broking business although in Europe not Australia I have, a few times, over the years been tasked with buying in size in the 1% - 2.99% range on market.

The main thing is to ensure that my haul of shares increases each day at, or below the client's target. This target can be reviewed on an ongoing basis as the market changes.

A great way to keep the buying activity hidden is to operate a policy of buying 3 and selling 2 or even buying 4 and selling 3. If the selling by me at moments of bid depth weakness frightens others into selling into my lower bids then my sacrifice can result in an overall position increase at a lower VWAP for my client's growing position.

I might add that I have never been mandated to do this on the ASX so I am not guilty here with RHT.

I see signs of similar activity with RHT recently and I suspect that more than one broker is accumulating using somewhat aggressive tactics in the manner I described.

I could of course be wrong though and it is all just coincidence, then I remember that brutal sell down to the 5s over Christmas.

EB