It's not stupid. It's very clever and shows an understanding of how the open/close auctions work.
Imagine I have a buy order for 100k at 32c that I want filled. I'll put in a buy for 310k at 36c. Holders trying to get that price will put their offers in below the lowest so far to get to the head of the queue. These offers will go lower and lower as holders try to under-cut each other. I pull my 310k order as late as I can before the auction is resolved. Without my buy order all those sell offers are going settle at a much lower price. With a bit of luck the auction price will be below 32c and I'll have my shares!
Ann: Share Purchase Plan - Offer Letter, page-21
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Last
$1.45 |
Change
0.040(2.84%) |
Mkt cap ! $1.264B | |||
| Open | High | Low | Value | Volume |
| $1.44 | $1.46 | $1.41 | $16.21M | 11.26M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2000 | $1.45 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.45 | 161362 | 16 |
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| Last trade - 16.10pm 02/10/2024 (20 minute delay) ? |
| DRO (ASX) Chart |