Ann: Operating Cash Flow Improvements in Q4, page-93

-Livetiles was marketing in the US via Oppenheimer on July 15th & 16th (16th & 17th Aus time).
-The price and volumes started increasing on 21st July.
-Overhang from existing size seller was cleared out 22nd July, and stocked finished +13% on very strong volume.
-LVT volumes are traditionally dominated by retail brokers like ComSec and Openmarkets.
-Macquarie Bank volumes surged on the 21st and were almost wholly buy-side, accounting for 32% of that days but volume/value.
-Specifics buy/sell splits are yet to come out for 22nd/23rd but it looks like Morgan Stanley and Credit Suisse are far more present than usual (as well as PhillipCapital).
-We are heading for another comparatively high volume, price positive day despite depressed wider market and depressed tech state. So something LVT specific is happening.

I think the most likely reason for this strength is one or more US institutional funds buying LVT in size through global IBs such as Macq, CS and MS after Oppenheimer’s marketing days last week.

One other possibility (stand alone or combined with above) would be if significant inroads selling/opening up large size new/target clients (such as any US govt bodies) were occurring, that would be cause for optimism and buying - but without a finalised deal - would not be releasable to the market as a Notice Received (and wouldn’t/won’t be in next week’s 4c)...

Just trying to put 2 and 2 together to give the most likely reasons for this strength...

And the other not new reason that it should be strong is the continued egregious undervaluation compare to its peers.