jsolnothing wrong with your reasoninghowever, i see the...

jsol
nothing wrong with your reasoning
however, i see the situation a little differently

given the massive oversubscriptions for the VEC float and the fact that some investors close to this one have suggested that VEC will go to 60-80c (we all saw it fly on listing) clients of IOC who hold Vec are unlikely to ofload their stock so early in the peace, and would be happy to increase their exposure via the oppie issue. It would seem to me that the sell side has been very thin throughout the turmoil of the last week and anyone looking to exit hastily may already have done so but the majority seem to be holders.
With oppies to b issued at 1c its not like anyone has to liquidate to take it up.
anyway just my humble opinion.
i sure would like some of those IOC oppies