According to my calculations, the underwriter of the 80c rights...

According to my calculations, the underwriter of the 80c rights issue for IOF could sell at 60c and still make a profit, thanks to their very hefy underwriting fee.

But selling at well under 60c, they making a loss. But only a small loss.

The shareholders who took up the capital raising have a 30%+ loss.

There is something looking more and more broken about the capital raising process in this market.