"This isn’t too many shares , what do you talk about ? Also the...

"This isn’t too many shares , what do you talk about ? Also the underwriter could do secondary institutions offers if they want fast selling"

Do the maths; just the 61% of the $223m retail component not take up be shareholders works out to 50 million shares that have ended up with the underwriters. That's a very big amount of stock that we be urgently looking for a home.

Based on the average daily volume of ORA stock traded, even if the underwriters do as much as 20% of ADV, it would still take them 7 or 8 weeks to exit their position.

So, you're right they will have to offload it in blocks to institutional investors. But those insto's could have already bought as much additional stock as they wanted in the placement or entitlement offer, and even on-market given the stock has traded at the offer price just about from Day One after the announcement of the capital raising.

So that stock held by the underwriters will be cleared at a price a lot lower than the current share price. Which means an overhang of stock for some time to come.

Objectively, this episode is a poster child of poor corporate finance practice.

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