This is algorythmic trading which is not illegal as such, however it's been going on for around a month now and in my opinion contravenes Regulatory Guide rule # RG 241.95, part of which states "Where poor AOP controls lead to ......... high order to trade ratios relative to the underlying security, over trading or wash trading, we may consider giving a direction under Rule 5.6.12 to cease, suspend, limit or prohibit AOP."
I brought it up with the ASX who didn't want to know and they referred me to ASIC who agreed the trading was irregular and should have been picked up by the ASX monitors. ASIC wasn't impressed that these trades were going on but, rather than just look at their live feed from the ASX which would have taken a few seconds they asked me to submit the information via an online form which required an incredible amount of my personal details, wasn't really relevant to the situation and would have taken me some considerable amount of time to complete.
I figure that a large holder has been unloading in very small increments over an inordinately long time frame in order not to flood the market, and that's probably a good thing anyway. Could be a sharp upward movement when he/she is finished unloading.
TIS Price at posting:
29.0¢ Sentiment: Hold Disclosure: Held