Unlikely, as the market usually gives a value to future...

Unlikely, as the market usually gives a value to future (projected) earnings, growth and dividends.

However often with other companies there's been some selling pressure when companies have an entitlement offer or share purchase plan open. Beany72 above profited from that arbitrage!

There was strong demand from institutions for the placement offered to them, so retail investors like you and me may take our cue from that.

if BGA fails to achieve the mooted cost savings through rationalisation of some of the (former Lion Dairy and Drinks plus BGA) factories, then eventually the market may take a dimmer view, as it will if earnings per share fail to increase or, a biggie here, margins (presently very low) do not improve.

The alternative that would be great is that BGA builds 'the great Australian-owned food company' and goes from strength to strength.