ARL chart, page-3601

My thoughts...

1. The 62c cap wouldn't have been placed by a shortseller. At this late stage of the JV negotiations, that would be suicidal, given the potentially sky-is-the- limit loss that could eventuate. So, cross out shortselling as a source of ARL shares on the sell side. What's left are weak hands.
2. To trigger a substantial holder notice, at least 10M (5% SOI) shares need to be held by an entity. Approx. 3.0M (1.5% SOI) shares were transacted over the last 30 days, per HC chart. Over the same period, sp increased by 43%. Whoever is accumulating on-market hasn't reached 10M shares yet because there's no sub notice to-date.
3. Doesn't mean that off-market discussions and negotiations are not occuring. Might that be a reason for the cap? Need to restrict the sp from going up but also appear as a genuine share sale offer. Start out drip by drip into a bucket designed to hold 19.9% SOI. Softlee, softlee, catchee monkee...
4. The 310K shares at the 62c line is just a small amount that could be wiped out instantly when the announcement is issued. What's interesting is that the sell side totals less than 500K shares. Would be most interesting to watch the shares play on the day of announcement.

Quite a learning experience just watching the ARL share actions and trying to decipher the moves going on.