I agree with your line of thinking with one additional aspect...

I agree with your line of thinking with one additional aspect that wasn't in play with the earlier spikes pre-announcements.

HCT now has the ASX essentially scrutinising their every move.

That would obviously act as a deterrent to someone who has clues about what's coming up, and could explain the lack of big volume.

If you work with the above theory, and think the next best thing would be to accumulate and wipe a sneaky line or two in the auctions.

Thats exactly what's been happening the last few days.

Today, after the initial spike to 7.8c I thought I'd watch the end of market auction closely.

Lo and behold, 4 minutes in, up pop a few orders for 8.2 and up, wiping out anything in the 7c range .

Volume can also be seen as relative, it's the most we've seen taking the price up, in almost 3 months.

Something is up for sure. What is also interesting is the absence of the usual suspect posts around 'I know something', 'I spoke to the doc' etc.