Ann: IOOF Retail Entitlement Offer opens, page-23

Looks like a lot of people were just hanging on to get the 11c dividend and now selling out today.

Not sure what the thinking was when they decided on making it a fixed price $3.50 in the offer. Normally you would think they would say $3.50 or the volume weighted average price for the 5 days until the offer closes whichever is lower. Otherwise with the share price now under the offer price, nobody in their right mind would buy into the Retail entitlement or SPP offer. The underwriter would be on the hook for the whole ~$282m unless the share price recovers before the offer closes in a week and a bit.

But it doesn't end there. Even if the underwriter buys the shares, they wouldn't want to hang onto it. They will be selling every chance they get so there will be even more downward pressure on the share price.