Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-231

Guys, a tiny minority of shs’ action do not speak for the vast majority.

Some of us have estimated that about 90% of ARL shares are held tightly. That leaves the 10% holding approx, 20M shares.

The total no shares transacted over the past 5 days is approx. 2M, which is 10% of that non-tightly held 10%, meaning 1% of total SOI.

Also need to account for all the shares topped up by LT shs when weak hands sold in past 5 days. They are also part of the “market” but they have positive views of the TCS, hence topping up.

ARL’s tight register is such that it is fundamentally flawed logic to generalise from 1% of shs selling to the entire 100% selling.