Now it's been about 11 years since I've put through a late...

Now it's been about 11 years since I've put through a late trade, but it's either one of two things.

1. It's a late crossing - that is, the same broker is on both sides of the trade. Usually the buyer and seller are both clients of the broker, but if one is NOT a client then the broker needs to "give up" the trade to them later. Usually these are from clients that request a trade at VWAP prior to market open, but unlikely to be the case for GRR which has sat at 11.5c - 12c for days.

2. It's a late trade - let's say you missed out during the auction for some reason - like you tried to sell at 12c and you only got done for half. What you would then need to do is ring (in priority order) each of the brokers on the bid at 11.5c and ask if they'd like to trade late. If you find someone willing to trade, then you register the trade on the ASX platform, and the ASX calls that other broker to confirm. Very manual, very painful.

Neither of these explanations require any conspiracy theories about market manipulation.