Also, look at the history:
Declared -- Record -- Payable -- Amount Type
01/19/2012 .. 02/17/2012 .. 03/16/2012 .. $0.62 Regular Cash
12/14/2011 ..12/28/2011 ..01/09/2012 Partial dividend of
25.9 cents per share Regular Cash
09/16/2011 ..10/11/2011.. 11/01/2011.. $0.62 Regular Cash
05/11/2011.. 07/11/2011 ..08/01/2011 $0.62.. Regular Cash
03/16/2011 ..04/11/2011 ..05/02/2011 ..$0.62 Regular Cash
12/08/2010 ..01/10/2011 ..02/01/2011.. $0.62 Regular Cash
09/17/2010 ..10/11/2010 ..11/01/2010 ..$0.62 Regular Cash
05/12/2010 ..07/12/2010 ..08/02/2010 ..$0.62 Regular Cash
03/17/2010.. 04/12/2010 ..05/03/2010 ..$0.62 Regular Cash
From the PGN Website:
Amount: 62 cents per share
Type: Regular Cash
It's time for PGN to step up to the plate and explain what is now happening with dividends after the extension of the merger. There is too much secrecy and why is that? They need to be more forthcoming or watch this stock tank. Hope this is not what they want to happen.
The dividend is obviously associated with the merger which was supposed to occur this month; however Progress extended the merger out until July. This will result in dividend losses for at least 3 quarters.
I suspect the board will go back and issue a special dividend for the balance of the normal $.62 if they can not get the merger done in time for shareholders to draw the regular DUK dividend (I think/hope). Not a big deal on the shares I have in discount broker account. I could just sell PGN and buy DUK before the ex-date for DUK if they do not fix it.
The ones that will be a pain are the odd few shares I have in a full service account, as to do the above would result in more buy/sell commissions than the difference in the dividend loss amounts too.
Must say however, if they do not make it right and I have to sell the stock, I might just look for one that I do not have to worry about management breaking it off in me again (but again I think they will make it right and this will be a none issue). I suspect they do not want to go into the merger with any shareholder doubts concerning their ethics. A small time chump like me matters little, but there are lots of dividend funds that will not tolerate this.
RALEIGH, N.C. , Dec. 14, 2011 /PRNewswire/ -- Progress Energy's board of directors today declared a partial dividend of 25.9 cents per share on outstanding shares of Progress Energy's common stock. The dividend is payable Jan. 9, 2012 , to Progress Energy shareholders of record at the close of business on Dec. 28, 2011 .
The board of directors declared the partial dividend in order to align Progress Energy's dividend payment schedule with that of Duke Energy (NYSE: DUK - News). The partial dividend is based on Progress Energy's normal quarterly dividend of 62 cents per share, pro-rated for the difference between Progress Energy's most recent quarterly dividend record date of Oct. 11, 2011 and Duke Energy's most recent record date of Nov. 18, 2011 .