Sorry Paul, it has to. The exchange will double the shares and halve the price. It's automatic. However that doesn't mean that someone won't see the 1/2 price and jump in to buy and move the price up some, so the net effect might not seem like it was cut in half. Believe me, the exchange HAS to do it. Go back and look at the 20:1 dividend in Nov 2018. For every share you had, you got 20 more, so you had 21 shares after the dividend. The price on that date was $18.99, and the exchange automatically adjusted it to $0.904/share which is $18.99 divided by 21. There is no changing that.
Since the note holders and insiders are not getting the dividend, then i don’t think the PPS will be cut in 1/2 after the dividend.