There has to be a pretty good chance (99%) the shares will be called before ex-div. Even if the next dividend is as low as a dollar, not much if any of it was in the $27 share price. So it is reasonable to expect PPS of $28 pre exdiv. At that price the calls will be about $5.00 plus premium, 10 cents or so. Thus you'll either lose the shares and the dividend and keep the $4.40, or lose 70 cents in buying back at $5.10 to protect losing the shares at $23 and the dividend.