State One didn't really show up in prior broker data so have just begun accumulating it seems. I suspect they had a glance at the JORC on Wednesday morning and saw retail investors who didn't understand the resource estimate dumping down to 10c. They scooped up the sell side up to 13c getting lots of cheap shares as we saw substantial buying around 11pm last Wednesday.
Perhaps they'll play their games in the interim until further news but they may be more cautious given their legal issues with ASIC.
Ann: Appendix 3B & Section 708A Notice-GPH.AX, page-23
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