you don't need to get in on the issue. after the price drop overnight you can buy on the market, then in a few weeks they'll announce the next dividend, and the div hunters will bid the price up. you can either collect the div or sell right before ex-div and pocket the runup profits.
Exactly their strategy. Sell shares (SPO) when the trading price is well over book value; buy back their own shares when the price is appreciably below book value. They read Warren Buffet's book. Book 'em Dan-o.