Check again - I just did (TDA) - my special div shares showed up in my account this morning, purchased at 11:36 am for $7.09 each. That was the average trading price on the NYSE of the Fund's common shares during the three trading days ending on January 20, 2011, which is how Alpine calculated the reinvest share price.
I downloaded the high/low data for Jan 18 - Jan 20, and came up with the same avg. price. So it kinda blows that our new shares are instantly in the red, but it does mean that Alpine was able to buy them on the open market at cheaper prices instead of having to issue new shares and dilute.
Hmmm....not so sure they didn't dilute now....
Common shares (as of 2/1): 105,506,077
Special Dividend: $0.305
Total Payout: $32,179,353.49
Payout ratio shrs/cash: 90%
New shrs value ($):$28,961,418.14
Price of new shrs: $7.09
I then downloaded the daily trade volumes from 12/29 to 1/31:
Total # shrs traded was 7,967,100
Avg. Price: $7.05 (simple avg. calc, not volume weighted)
Total shrs issued for special div: 4,084,826
% of total volume from 12/29 - 1/31 assuming AWP was purchasing all shrs for distribution on the open market = 49%
I'm not sure I believe that number of open market purchases, looks too high....one variable I can't take into account is how many shares AWP owned in their treasury to start with....but in any case it looks like they were able to buy some of the shares distributed for prices cheaper than the price we paid for them.
Received extra divie, 100% cash, in two accounts .
Added to AWP long position and also added FNF. Also received month-end regular divie.
I am long AWP and very pleased with this now two-year holding.
I use TDA, also got the monthly $0.033 div but not the special div. What's kinda weird is that the special div had a earlier payable date according to my records:
Special div ex date: 12/29, payable 1/28, amount $0.305
Regular div ex date: 1/21, payable 1/31, amount $0.033
What gives? Is Alpine dragging their feet distributing the special div? They *did* have to come up with cash for the 90/10 stock/cash split ratio, afterall.