Most trades that are selling below the bid price now, will be SH who are satisfied with their profit margin already achieved and don't want to wait around for their money - TO's often drag out far longer than u might expect. There is a lot of activity in gold drilling in W.A. alone ATM, so taking money from 2 or 3 year investment in ARS and re-investing in another show could be attractive.
Regarding odd numbers of shares traded, can be a for a marinade of reasons, commonly buying a specific amount of money, rather than a rounded number of shares. I wouldn't read too much into that.
Again in regard to where ARS is ATM, as in all trading, timing is a very critical element for all players. Any second bid is not going to come early, as in reality, where this stock is in development terms at present - like it or not, IMO is somewhere around its actual value - not its potential value. If there is another party interested in the TO, they will be watching, not rushing, which is why I think this may well be a drawn out process. I don't mind that becos that also gives those SH who want to see this out and want to arrange a block of shares, time to do so.
Although that block needs to be 10% (around 70m shares) to have maximum effect, even at a lesser sized block, could become the tipping point for slightly higher figure. The SH who has suggested this block has stated their aim is not to block any TO, but to get a better return for smaller players. IMO the existence of such a block of shares even if not 10%, would assist the second bidder. Unity is strength in any game and IMO I don't see any downside.... but i'm no expert, and would be happy to be corrected, so DYOR.
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