Pokey, that's an interesting question.

I lean towards the adjustments for dividends or retirements should be an automatic function of the previous day's market cap - ie, a dividend issued or a group of shares retired should not materially affect the market cap of a company because it is an internal function of share structure. Therefore, the pps multiplied by the number of shares outstanding on the day before the action should equal the pps multiplied by the new number of shares the day after the action. Since the new number of shares change, the pps must also change in the opposite direction to maintain neutrality. That has always happened with the issuance of a dividend, but did not happen with the share retirement.

NGIO, on the other hand, is a part of GNBT's value and has it's own value which contributes to the market cap. For whatever reason, the market currently does not place any value on NGIO as part of GNBT's market cap. Therefore, there should be no pps modification when NGIO stock is issued as a dividend because yesterday's market cap of GNBT remains exactly the same today after the NGIO shares are distributed.

That's my take. Interesting to hear others.