Ann: Trading Halt, page-16

As George89 has pointed out, it is not about the maths. The market determines the price it will pay.
PL8 has traded at a premium to NTA for two years. No doubt performance has been the contributing factor.
Interestingly September was the first time it underperformed it's benchmark:





The issue price of $1.11 (which was also equivalent to the pre tax NTA) represented a 13.6% discount to the share price on 2 November. Trading has since reduced that to 9%. So still reasonable arbitrage for some. That strategy is not without risk as applications may be scaled back.
The maths tell me that you will be diluted if you do not participate.
Like many I invested in this primarily for the dividends, paid monthly. I will not arbitrage, rather increase my exposure and take up my full entitlement. Don Hamson and his team have done an excellent job since this listed. They are still small enough and nimble enough to negotiate our volatile market and I am comfortable letting them do all the heavy lifting.