Shareprice move precursor to major contract win?, page-5

Some of the recent buying appears to be of relatively large amounts, which I assume means it's institutional buyers.

As I've alluded to before, the institutional portion of the SPP was fully subscribed. This means institutional participants at the very least, saw value in AR9 at 23c per share.

Regardless of broader market movements, any purchases made by institutional players who were able to give themselves adequate comfort at 23c, should surely see 17c, 18c, 19c, and 20c as a discount of 26%, 22%, 17%, and 13%, respectively.

I think these decisions may be made independent of anything else.