Are you sure they did not close their positions (i.e. buying off-market)?
I'm of the belief that the primary markets offer a few weeks back was an insto closing their short with a purchase in the sub-10c pricing. I speculate this as I did get in touch with them to try to sell but couldn't reach agreement on price (I was trying for 30c as per the off-market thread, whereas the person I spoke to hinted at sub-10c pricing). The numbers add up... the number of shorts vs the amount that the client was putting forward ($1.5m * < 10c/share = > 15m shares).
ISX Price at posting:
$1.07 Sentiment: Sell Disclosure: Held