Talga Overnight Europe & US Markets, page-40

Hi RD

It happened yesterday as well with the 64c closing auction price.

I would say that there is a large buyer accumulating through a Broker with a daily VWAP target.

If the Broker's purchases during the day are below his VWAP target, come closing auction they can increase bid up to an amount that will hit their VWAP target. Getting their Client more share and the Broker more commission.

It can also have a phycological effect on sellers the following day when they see a lower opening price than the previous days closing price, as was the case this morning.

Over the past 5 days 8,458,202 shares have traded for a total of $8,458,202 which is a VWAP of just under 62c.

Todays VWAP was just under 62.5c.

Regards

Gero