One of the companies' I hold a stock in announced a bonus share issue:

the shares to be issued for nil consideration and will be distributed on the pro-rata basis of “one for every five” ordinary shares held by existing shareholders at 5 pm (WST) at the record date of 15 May 2008. The shares will trade on an “ex” entitlement basis from 9 May 2008.

1. Does that mean that the count will be done at close on 8th of May and the bonus shares will be given on 15th of May?
2. The shares will open about 1/6 down on the 9th of May to cover for bonus shares (1 to 5 dilution) - correct?