I'm reading this a little differently. As I understand it, there are two dividends...one a $0.23/share cash dividend declared for Q2 (record date 5/15/2014, payable about 5/25/2014), and a second $0.13/share dividend payable in NAO shares which was declared as part of the Q1 dividend. They won't set a record date for the NAO in kind dividend until they have the listing on the NYSE secured...which to paraphrase the company...will happen "soon". It's anybody's guess what "soon" means. So May 15 is the record date for the $0.23/share in cash, and there is an unknown record date for the NAO dividend. They'll only give shares to people with holdings above a certain undisclosed threshold...for instance, I don't think they want to go through all the hassles and costs to mail shareholder communications to holders of one share. And I certainly wouldn't want to get 1 share. Depending on your broker, it may cost half of its value to sell it. Those who don't get shares get another $0.13/share cash dividend. That's how I understand it.