Can BP cancel a dividend that was already announced and ex-divy?
I just found out from my Broker that my BP dividend that was supposed to be paid this week is not being paid, that BP retroactively cancelled a dividend that was already announced after it went ex-dividend. Can they do that? That is going back on a promise to the shareholders. I am now glad I sold my shares, after the ex-dividend date, although still at a loss around $48 instead of the current ridiculously low levels due to panic from the spill.
I can understand that they can cancel future dividends, but they should not be able to cancel dividends already announced after the ex-dividend date.