The ASX wrote to Paperlinx on Wednesday asking if it could explain the 28% jump in the share price the day before.

James Orr, executive general manager corporate affairs at Paperlinx, told ProPrint he thought the changes in price and trading volumes were probably a result of the move by Andrew Price to oust chairman Harry Boon, but he couldn't be certain.

Orr said Paperlinx had complied with the disclosure laws and would continue to meet all its legal obligations.

Orbis Funds, Paperlinx's largest shareholder, also pointed to Price's move on Paperlinx as the logical explanation for the spike in trading.

"It's a reasonable assumption, but who knows?" said analyst Simon Mawhinney.

Graham Critchley, a holder of Paperlinx hybrid securities and prominent critic of the company, said the share price had risen because the market looked favourably on Price and was anticipating his coup would succeed.

Critchley added the market was also influenced by Orbis' statement that it was "positively disposed" to Price's move on Paperlinx.

"Their endorsement is their way of saying, 'we're on board and we want everyone to come and join us'," he said.

Mawhinney denied Orbis had endorsed Price.

He said Orbis had met Price, come away impressed and was currently intending to vote in his favour at the upcoming Extraordinary General Meeting.

However, Mawhinney said that view could change after Orbis meets Boon to hear the other side of the story.

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