Bluey,
It is very simple.
Someone with a very large holding is selling announcements down and probably rebuying at lower levels to frustrate smaller shareholders and releive them of their holdings when they give up and leave.
Have a look at FNT's recent trading as an example and of course the best example is EXT. EXT was sold down from the 20 cent area on good announcements before its run to >$10.00. This sort of tactic works because people dont trust thier own judgement on a shares actual worth BUT looki to trading data instead -- which can be made to mislead, at will, by big players at any tme. This sort of thing is becoming more and more common with BOTS making it easy.
Blastoff
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