In theory there should be no change when this happens. However...

In theory there should be no change when this happens. However human thought and reasoning is often flawed, so there may be some random temporary effect. There was an initial response to this entitlement offer that resulted in an adjustment in the SP, but this was quickly over-ridden by the momentum of PLS and it's future potential. Of course there will be a small minority of shareholders that will cash-in on their good investment decisions from the past but most will hang in for greater future returns. So, once again, there will be a temporary retracing which will be inconsequential in the long-term.