I reckon the 75c and 84c orders > 100,000 shares are both real...

I reckon the 75c and 84c orders > 100,000 shares are both real and unreal at the same time. Just little games of buying and selling back to the gamers' own account A to account B, etc.

What's also amusing is that a total of approx. 28,000 shares were sold on opening at 67c. No widespread margin calls going on, so who was that stupid to sacrifice 7c (10%) of value just on the ASX opening transactions? If no one was that stupid, then it's just more games played by a small group who don't have the financial firepower to take on the massive volumes of PLS or LTR.

Sticking to my guestimate of 90% shares being tightly held, then the remaining < 20M shares available (if even that) might be worth the gamers' time and effort to give it a go because the illiquidity is compensated by the high price volatility. Making a trading profit of $1,000 in a day on ARL is not insurmountably difficult. Eg. trading 50,000 shares at a price arbitrage of 2c, or even 28,000 shares at an price arbitrage of 4c, will give a $1,000 profit.
But were those really armslength sales and purchases, though?

All the best to the gamers while the working days are counting down to only 3 left, including today.

By the way, did anyone notice that ARL kept within the indicated announcement timeline by reporting on 21 December 2023, being a few days before the lengthy holiday season break? There is a pattern of ARL keeping to its word, announcement-wise.