short term target $2.18,shorter term target $1, page-13

Indeed today's activity was a bit odd - certainly positive but still strange.

According to my trading screen today's volume was like this

48c 2 200
49.5c 75 000
50c 116 169
51c 84 484
52c 34 226
53.5c 30 000
54c 132 105

The volume nearer 50c came at the close as once again someone made an effort to push it down again for the close.

This is a bit wierd.

If I had a large position in TRH to sell over a persiod of a week or two then I would do my best to achieve the best possible average exit price.

The seller is not doing that so his plan must be other than getting the best possible exit price.

But the stock being offered seems to be quite large when compared to the daily volume which would indicate that our seller is not trying to push the price down to acquire more cheaper. As there are usually not corresponding bids sitting near the market on the bid side.

Or it could all just be a co-incidence that several sellers appear at he close each day and push the price down. I don't think so though.

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On other news I thought the timing of the research report from RM was interesting.

As far as I am aware RM's reports are on a paid for basis.

So all the information in the report came directly from TRH.

So, if management were hopeful that a company changing ANN could be published this week on access at Paradox then it is important that as much information as possible on TRH is out in the public domain. My understanding is that access confirmation is expected for mid April which is this week.

By publishing the report TRH can get the message out complete with opinions and extrapolations (both frowned upon in ASX releases) so that when access at Paradox is confirmed there is a recent one week old report circulating with the whole story laid out in colour with pretty diagrams.

I presume RM emails the report to hundreds of brokers, funds and HNWIs.

A short term target of $2.18 is enough of a target to make most investors look twice and after going through the report RM makes it easy to justify an even higher price than $2.18 going by peer group comparisons.

Still the only thing we need clarification on now is .... what is the afternoon daily seller really up to?

EB