My understanding is that the institutional entitlement offer is...

My understanding is that the institutional entitlement offer is already completed (pls see announcement dated 29 Nov). The retail entitlement offer is now underway and is due to close on 14 Dec. I daresay those sell orders at $0.11 may be for 2 purposes (i),to generate funds now which can be used for a week and then used to buy into the entitlement offer on 14 Dec and (ii) some may sell now and monitor the market price - if it goes below $0.11 between now and 14 Dec they may buy on market rather than exercise their rights. Alternatively, they may choose not to buy back in at all if the price continues to drift lower i.e. in a sense the entitlement offer can be viewed as a free call option, where the holder can sell on market and then use the entitlement offer if the market price increases or let it expire unused if the market price drifts below the entitlement offer price

GLTA & DYOR