The problem is that they still own the shares. They are financiers not investors. If it happens like you say and they get the shares at 9.3p and the current market is 10p then they have a paper profit not a real one. If they short say 20m at 10p and then get allocated 30m at 9.3p then they have locked in 7% on 20m and only have risk on 10m. If they have 30m and the price goes down to 8p they have lost. If that happens and the next company comes along and demands its GBP5m and they don't have the cash then they are forced to sell the RRL at a loss - or worse the SP stays at 8p and Range asks for its next GBP5m and they own twice as much etc etc
They are financiers that help companies get around having to issue prospectuses and announce placements which often depress a share price for longer. If they do it successfully and have a broad portfolio of drawdowns they can actually make 50%+ from all the 7% amounts locked in. They do have to manage their liquidity though - they always have to have enough cash to cover all the calls.
These work really well for raising cash in a bull market but can be diabolical in a bear market as they short a downward heading share when no one is buying.
It is what it is - at the moment it is only impeding Ranges upward sp momentum for short periods but I suspect the reason the funds are being drawn will provide so much more upward momentum that it will be forgotten/forgiven.
I have watched iii for a while and the crapping on and infighting going on there should be leading to a sinking ship but there seem to be far more powerful forces at work in Range. I don't think there is any known reason why Range need to draw GBP5m last week except PL probably has fresh memories of nearly seeing his project go belly up in the GFC so he wants to make sure of the cash funding.
OR . . . .
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