Ann: IOOF Retail Entitlement Offer opens, page-63

There is still a severe over hang of shares from the underwritten capital raise.
Roughly 90m of underwritten shares are in the retail component of the capital raise.
Retail participation is going to be very very low with the share price significantly below the share placement price of $3.50.

Therefore the underwriters will have to dump these shares on market.

So far cumulative share trading volume is around 46m shares since the institutional component, and not all of these sales will be the underwriters dumping stock.

I predict further price weakness for at least the next two weeks.