Ann: IOOF Retail Entitlement Offer opens, page-71

I hear what you're saying but I'm not sure what you are saying is correct.

There is no way in hell they would underwrite such a large SPP without doing their due diligence first to ensure the agreed price they are underwriting actually represents good value for that company should they need to keep the stock for a period of time.

They were paid circa $6M to underwrite the SPP and if like you say they are dumping at these prices today it means they are losing a hell of a lot more than $6M so it just doesn't make sense and I highly doubt what you are saying is true.

However, what I would say is that the SP may struggle to get anywhere past $3.50 fast because the underwriter will sell in to any strength past that price in order to your point reduce the risk, but I highly doubt at these prices.