The underwriter is not 'stuck' with them. They wanted them or...

The underwriter is not 'stuck' with them.

They wanted them or they wouldn't have asked to underwrite it after the rights announcement and they certainly wouldn't have shorted and capped it.

I did say that IOF was going to catch a disease from getting into bed with these 'institutional investors' and now we have a severe dose!

Likely a few more days of suppression to sweep up all the retail shares that will come onto the market at 47c, then the accumulator will likely take the brakes off, whip it up 15% and start propping and offloading them.

Instos are making a killing on IOF thanks to management.
They dumped a portion of their holding on the ann and likely prior too looking at the graph!
They bought more in the early insto-only placement, promptly dumped those on the market for a profit, now will sweep up the underwritten remainder as well as all the fed up shareholder's shares, and in a couple of days watch this rocket up for no reason then it will be propped and all those will also be dumped on the market for a profit.

I agree that the management team sucks.
But IOF will survive even if their retail shareholders have taken a huge haircut. But it isn't about the retail shareholders is it? It is all about prostituting yourself to the institutional investors.