The price that the PP is set at overnight should be determined by a formula - or at least it used to be. It is usually based on the average of the closing price over the last 5 trading days, which coincidently would be exactly $4.80.

Now it's been a few years since I was the CFO of a publicly-traded company and the rules might have changed since then, but I believe there is some room for "fudging", but not much more than 5 %. Which gives a PP price of $4.56. They allow this if the offer cannot be fully subscribed, which I doubt will be the case here.

Now having said that there is often some manipulation of the SP that can and often does occur in setting the final price. Which is why we might have seen the large price drop today, particularily in the last half hour of trading, and the close that would leave the price at EXACTLY $4.80.

BUT .....

Having said that the TSX has more legalese written into their rules than anyone. And there is usually an OUT if the big brokerages want to find one. Guess we'll see in the morning.