TAS/EDE relative values, page-10

Hard for these ratios to be used for trading when the only trades for TAS were made after 4PM. 1 was for 1 share with another for 8 shares and a third for 401 shares. The ratio should be based on what you would have to pay to buy and what you actually would have to accept to make a sale.

You could only buy TAS for 16.5c and to sell EDE you would only get 21c that makes the ratio 1.2727c and not the 1.3438. A value is established between a willing buyer and a willing seller and not by the price tag.