Great question and I don't know the answer. What I do know though is that if the price remains stable prior to the share distribution therefore giving us full share allotments equivalent to $$1.55 per share, OR the price rises dramatically prior to the distribution thereby watering down the number of shares we receive, we win. We win either way!!!
Appears to me it will drop the $2.35 per share. The book value of Nov 30 was stated to be prior to the payment of the announced dividend. So cash leaves the door at 80 cents per share and new shares are created without new cash to support book value. I own a large amount of WMC and am not sure what to think.