@mool These cross-trades are usually preplanned and instigated...

@mool

These cross-trades are usually preplanned and instigated by the company.

Management would have been made aware some shareholders (probably vendors) wanted to sell a large block of shares. They would have contacted a broker to find a buyer.

What is pleasing to see is that despite the recent price pressure and the market tanking overnight, the cross trade was transacted at 40 cents.. or slightly at a premium.

Cross trades are usually done at a discount, also known as a liquidity discount. As you correct suggest, if the shares were to be sold on market - the price would be expected to fall considerably. 5% would be the norm for a large blue chip ASX company, so for FLC to execute a a slight premium sends a strong message.

The floor for any future cross trades is 40 cents, and those wanting to get in below that will need to buy on market.