Ann: Trading Update, page-46

MA Financial's selldown would have been through off market crossings - the vast majority anyway. I don't envisage they will try to move millions of shares on market where volumes can be 50-100k per day. Though possible I always get a bit suspicious when I see lots of tranches available for sale at round numbers. Clearly a lot of momentum traders catching on. I tend to look at the volume weighted price particularly w/ regard to the price the crossings have been done at in terms of value discovery and pondering if/when I should take another nibble. Personally I'd prefer the momentum players dont drive up the price as I'm still interested to purchase more after I see the results

all fun stuff to think about but good to keep focused on the fundamentals. The half year report will be very interesting in terms of the acquiring margins and overhead growth and how well the business is scaling. That cash balance will interesting too! NB I assume you guys have read the notes and noticed not all that cash belongs to smartpay - a whack of it is restricted cash to be paid to acquiring customers.