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Formula Systems (1985) (FORTY) Message Board

  • tasmazoo tasmazoo Jan 8, 2009 10:14 AM Flag


    I thought the ex dividend date was 1-13-2009? why has stock dropped like it has already gone ex?

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    • Hate to reveal,but always remember ..."buy high ,sell low".

    • ETrade told me the same thing... They said I should expect to get it around mid-week. Not sure it's worth it for this multi-million dollar company to commit fraud in order to save a couple of shekels. Just curious, what's your average cost?

    • Thanks .I am anxious since the div is above $20k. ......My broker just called and sees no payment yet. I did qualify the ex date and he sees no payment date yet. He told me foreign companies tend to slow and be patient

    • I wouldnt worry too much. The fact that they posted it in December 2008 and first stated 1/13/2009, evinces that the second date listed (in 2008) was a mistake.

      HERZLIYA, Israel, December 17 /PRNewswire-FirstCall/ -- Formula Systems (1985) Ltd. (NASDAQ: FORTY - News), a leading provider of information technology products, solutions and services, today announced that its board of directors has approved the distribution of a cash dividend to the holders of Formula ordinary shares, payable on January 29, 2009 (the "Distribution Date") with respect to each outstanding Formula ordinary share held as of the close of business day on January 12, 2009, (the "Record Date") subject to withholding tax as described below.

      The cash distribution will be in the amount of $2.27 per share, or $30 million in the aggregate. The ex-dividend date for the purpose of trading of the ordinary shares on the Tel Aviv Stock Exchange and the American Depository Shares ("ADSs") on the NASDAQ, is January 13, 2008.

      On the Distribution Date, each Formula shareholder will receive a cash amount, net of Israeli withholding tax at a rate of 20%, unless such holder has presented to Formula sufficient evidence of its exemption from withholding tax in accordance with the requirements of Israeli law.

      The dividend to be distributed to holders of Formula ADSs will be released to Formula's depositary, The Bank of New York, net of Israeli withholding tax as described above. As contemplated by the agreement among The Bank of New York, Formula and the holders of Formula ADSs, The Bank of New York will distribute the cash dividend (net of depositary fees) to the holders of Formula ADSs.

      Formula Systems (1985) Ltd. (NASDAQ: FORTY - News):Formula Systems Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.

      Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

      Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company's products, dependence on strategic partners, integration of new business, successful implementation of Formula's products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula's Securities and Exchange Commission filings, including its most recent report on Form 20-F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement.

    • There is a couple days difference between FORTY tel-aviv & FORTY's ADR in the nasdaq regarding the ex-dividend date. Why? I don't know, but it is a fact.

      See a similar discussion we had here 3 years ago:

      (good that at least one of us is old enough to remember these anacdotes :-) )

    • brutus5454 Jan 8, 2009 10:25 AM Flag

      The info I have has the ex-date on the 13th also. On Dec. 17th a press release was released by the company saying so.

    • ex-dividend date is today. I believe you have to hold on until closing of day on 1/13. But it's strange that almost all places I get the quote from report only a 10% loss for the day. Yesterday, it closed at 7.95. Why is that ignored? Is it adjusted already for the dividend?

30.780.00(0.00%)May 3 3:08 PMEDT