Fox Metal PLC has issued a press release declaring a dividend of £1.30 per share and the recording date is October 12. James May bought 10 shares of Fox Metal on October 5 for £32 each. The Fox Metal PLC dividend policy suggests that the shareholders should be registered on the recording date to be eligible for dividends. What type of shares did James May buy: ex-dividend or cum-dividend? How likely are the stock prices to change after the recording date? Why?