Ann: Investor Presentation - 4-Aug-16-PGY.AX, page-8

It's people playing the premarket auction to jump the queue. There has been a few games played in the precious seconds before trading often last few weeks and definately last few days. If there are buys @ .003 and sells @ .002, it depends which has more on offer wether or not they go through @ .002 or .003. e.g. if there is 800000 for sale @ .002 and 801000 to buy @.003 it will go through @ .003. so 800000 of they order for sale @(min) .002 goes through first, then 10000 of the first in queue for .003 gets nibbled. If there is more for sale at the lower price than bidders at the higher price, the lower price gets used, yesterday in this case the .002. There was about 1.8 and 1.7 mill orders this morning and many were pulled literally seconds before the market opened, and what was left was one buyer and seller and as you saw, most went through to the seller @ min .002 first, as he got his parcel sold at .003 first. Its a risky game to play as orders pulled or adjusted in dying seconds can change the opening price and you can end up paying higher, or selling lower than you wanted if you miss the action in dying second and cant react fast enough. I've tried it myself several times now, and got some bargains - I just a small parcel @ .002 by putting in an order @ .003 on the opening auction recently, but ive paid .003 in the past trying the same trick. Anyway, thats how it happened for ya mate, hope that helps