Putnam recently instituted 2% redemption fees in order to prevent short term trading of their mutual funds. Also, Putnam dropped the boilermakers union pension plan because they used market timing trading in and out of Putnam's funds.
The upshot --- once this crisis is over the money handled by Putnam will be more stable and less volatile than ever before. Whatever chunk of shares which Putnam eventually holds of PLUS (800,000 - 1,000,000 is my guess) will be more strongly held than ever. At that time, the true condition of the float will surface.
Today, PLUS has been rising the last few minutes on very thin volume. 100 shares here, 500 shares there. Very few investors want to sell. Why would they? EPlus trades at a trailing p/e between 12 and 13 while the S&P 500's trailing p/e is 30.