Fidelity credited my cash dividend around 9:00 am edt on 8/28 but dated the payment 8/27.
If you are dripping at Fidelity, they buy drip shares 3 business days before the pay date. Fidelity did not know the payment would be late, so they bought Monday, 8/24 so it would settle on 8/27.
hmmm...nothing in my Fidelity account either as of 5:30; I'll revisit over weekend - I'm not in that much of a rush for my 0.43% or whatever it is now; I'm just glad that my reinvestment price is $28 or less (based on ex-div day or based on dividend payment day?). If it is pending it will get there.
Yes it is odd, especially given the frayed investor's emotions this week, especially in the commodity space. Maybe someone is trying to get cute with currency arbitrage with dividend payments in strong US Dollars? I wonder if they decided to do a capitol return instead of a cash dividend?
E*Trade had not credited my account as of 11PM EDT 08/27/2015. Have a notification 03:03:28 AM EDT 08/28/2015 that my account has been credited. Share Price: $25.6136
Here's the email I got from scco:
"Regarding your email, please be advised that our dividends payment date is today, as long as you have bought the shares until August 10, 2015.
"We have already transfer the corresponding funds, so please contact Fidelity tomorrow, in order to confirm that the dividend is credited in your account."
Contact Fidelity tomorrow? That sounds like an admission, imo, that they did not pay the transfer agent in time for it to be re-transmitted to Fidelity. Gross incompetence.
Today's dividend not credited to my Fidelity account as of 1:30 pm edt. I called Fidelity.
Fidelity has dividend on hold (not credited to my account) because they have not received cash from transfer agent. Fidelity said they called the transfer agent who said it had not received cash from scco but expected it before end of day.
Very poor form by scco. A big black eye on their administrative capability.
Called IR in Arizona. Recording: Not available so leave voice mail message. Sent email instead.
Oh well, it's been a good ride while it lasted. We have some of the original miner shares. It was practically bankrupt when we bought in then Carlos Slim swooped in with a loan and then we rode it through the Pritzker and Phelps Dodge eras and now the Grupo. We can't complain.
The days of big dividents will come again......after they finish paying for production increase cap ex. In mining, almost all the cap ex must be spent on a given project before the new production begins. When the increased cash flow comes in and little cap ex is needed, THEN the divident gets increased.
Unfortunately, imo, Grupo will take us out for a peanuts premium shortly before that happens.
Jerk brings up a 2005 change in accounting for stripping costs. Hey dope, it was a charge to retained earnings.......a write-off of previously deferred costs.... they switched to direct write-off, a more conservative accounting method.
I understand that you shorts will post anything negative about a stock that you can think of, but this thread is as lame as it gets. First you bring up something they did 10 years ago....as if it cast a negative shadow on their accounting and then you get the balance sheet effect wrong.
Morbid stupidity is defined as a level of brain activity so low it just about keeps the vital organs functioning. There is no energy left for even the most rudimentary intellectual activity. This thread is a classic example.
Accordingly, the Company reversed $289.4
million of net cumulative stripping cost as of December 31, 2005 and
recorded a net charge of $166.6 million to retained earnings after recognition
of workers’ participation and tax benefits of $122.8 million. Amortization of mine stripping for the year
2005, amounted to $467.5 million and is included in “Depreciation, amortization
and depletion” in the Company’s statement of earnings.
OK I'm going waaaay overboard on you now.
First ..... the word you're looking for is ..... successorship.
Second ..... either party could have ended the extended contract with 15 days notice ..... but IMO it was best for the USW to do so because IF the USW elects to strike ..... Grupo could say "poor me, we didn't cause this" and would have good reason to sell ASARCO ..... do they have a buyer lined up already and are just waiting for things to play-out ..... could be?
Third ..... the USW has been in close contact with the Mexican unions, they're working hand-in-hand against Grupo/SCCO stoking the Mexican unions and have said some very bad things about Grupo. So DAR, since I'm too lazy, why don't you find out when the Mexican contracts are up. Then think about what Grupo selling ASARCO with NO SUCCESSORSHIP AGREEMENT would say to the Mexican unions.
Fourth ..... who might be interested in ASARCO and who may be interested in forming a link with Grupo/SCCO? Ask ..... who's got the money and who needs the copper ...... that's right ..... China.
Fifth ...... IF China buys ASARCO it's an opportunity to take a little political pressure off themselves and put pressure on one of their biggest critics ..... John McCain.
There ...... have I figured it all out???