Ann: Options Underwriting Over Subscribed-GPH.AX, page-41

I can't see any other scenario other than SP hovering around 8c until expiry.

Their fee is on amount underwritten. The more they underwrite, the bigger the fee.

If it's pumped until expiry, then option holders will exercise. But then Hartley's would get less underwriting fees and also less shares? Seems like a lose/lose to me. I wouldn't rule out a mini-pump though, followed by a quick dump back to 8c so they get their fill... all we can do is sit and wait.