Price should be adjusted compared to average pre-ex trading of...

Price should be adjusted compared to average pre-ex trading of 12c (not to the last 11.5c close, caused by someone big offloading yesterday - which I used as an opportunity to top-up). And it should not drop by full 3c.

So I reckon today's price will be around 9.5c. It should quickly stabilize around 10c (and more, considering that this is just a start of cash harvesting for HNZ). I expect that share price will rise again after 23th August when 3c will be returned to shareholders, and many will use that to buy more HZN.

Might even not drop that much today. Existing orders were purged to start fresh today, and in the absence of buy orders, those hoping to dump at the open (and then buy even cheaper later in the day), might realize that's not going to work this time.