As ARN Shares (ASX:A1N) reached a new rock bottom price of about 18 cents over the past 24 hours, someone snatched up a packet of just under 6 million shares at prices between 18-21 cents per share.

Normally media company share trading is unremarkable, because instititional investors take gains and losses all the time. But given that Kyle, and perhaps other parties, have floated the idea of buying the network, a share movement of this magnitude is of interest.

If the share buyer is one or two parties, under ASX public company rules, ARN will need to declare it to the stock exchange as soon as practical. If it is a lot of small investors taking a punt on a low share price and a good outcome for the company in the Kyle and Jackie O court cases, then it may not necessarily need to be declared.

It is the biggest share trade purchase of ARN shares this calendar year. ARN has lost 69% of its market value in the past 6 months.

UPDATE 20 April: In two Substantiual Holder advisories to the ASX, ARN has advised that Spheria Asset Management and Pinnacle Investment Management are the two institutional investment companies that bought the shares on this date. In its stock exchange filing, Spheria advised that it now has “the power to control voting and/or disposal of securities.”