GRR Valuation, page-140

Hi Footmax . . . the ASX opens in stages based on alphabetical order . . . GRR opens at 10.04am. Before open there is an auction . . . the individual prices bidded during the auction are not the price that is executed because a winning price for the auction is calculated by the ASX by averageraging out the overly high and the overly low bids. Often there are bids way higher or way lower than what the ASX calculates when the auction closes at 10.04am . . . people lodge very high and very low bids to be at the front of the queue to receive what the ASX calculates the price to be by averaging the ovetley high and overly low bids. The people lodging those very low or very high bids have zero intention of selling or buying at that price . . they lodge those prices soley for the purpose of queue jumping. The auction is a game for cowboys because the bids change very quickly right up to the last second before10.04am. Often there is only a diffetence of a few shares between the total of the high bids and low bids . . . part of a game to manipulate the opening and also closing price as you saw yesterday at close it took just 1 share to lower the close price . . . all in an attempt to change shareholder sentiment. And other times the auction is used to buy or sell large parcels by anxious buyers / sellers.