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Enzon Pharmaceuticals Inc. Message Board

  • xtrykr xtrykr Apr 29, 2013 2:13 PM Flag

    Ex-Date for $1.60 Special Dividend (FINAL VERDICT)

    I have confirmed with Tim Daly, VP of Enzon, and NASDAQ that the ex-date for this $1.60 dividend will be on June 5th, 2013, exactly 1 day after the payment date on June 4th, 2013. NASDAQ had also mentioned to me that what happened in the December $2.00 special dividend where the 25% yield rule was not applied was an accident/miss. It is a one-off.

    In the $1.60 special dividend, the over 25% yield rule is in effect.

    For those new to special dividends of this nature, you need to hold the stock in question anytime between the record date of May 7th to the ex-date, June 5th in order to receive the special dividend.

    If you buy and sell the stock anytime between May 7th and June 5th, you will receive the dividend, HOWEVER, through a process known as "due bill" where you will have to forfeit the dividend and it will be transferred to whomever is the final owner of your sold shares between this period.

    To illustrate:

    Scenario 1:
    I am a shareholder on record on May 7th. Shares trading at $3.20
    I sell my shares on June 5th. Shares trading at $1.60.
    I receive $1.60 cash dividend.

    Scenario 2:
    I am a shareholder on record on May 7th. Shares trading at $3.20
    I sell my shares on June 4th. Shares trading at $3.20
    I receive cash dividend of $1.60.
    $1.60 is reconciled from my account to owner of my sold shares.

    Scenario 3:
    I am a shareholder as of May 10th. Shares trading at $3.20
    I sell my shares on June 4th. Shares trading at $3.20
    I receive cash dividend of $1.60.
    $1.60 is reconciled from my account to owner of my sold shares.

    Scenario 4:
    I am a shareholder as of May 10th. Shares trading at $3.20
    I sell my shares on June 5th. Shares trading at $1.60.
    $1.60 is reconciled to my account via "due bill" process.

    Hope this helps everyone!

    Sentiment: Buy

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ENZN
1.30-0.13(-9.09%)Sep 16 4:00 PMEDT

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