Story under "News" tells of a special $.50 divi this qtr. if I am readinig it right. Sounds good. Is this in addition to the normal divi? I am thinking not. But it still sounds good. Early 1.5% bump on very high volume has vanished. What gives?
Dividends have declined quarterly from 25 cents to 20 cents in the past 18 months. I'm certain some shareholders bailed out and now somebody else will be getting their dividends for 2010 and 2011. They might not have sold if dividends had been properly paid.
They really should repay the shareholders of record at the time the mistake occurred, rather than paying new shareholders who jump in during the next week.
Lets hope there aren't any lawsuits over this issue. If you bought and held for three years, then you just get a deferred dividend, but if you sold your stock because of declining dividends, then somebody else gets your 50 cent special dividend.
Don't see how multiple lawsuits can be avoided. We're talking about millions in lost dividends to those that sold in those years BUT how are they going to prove they sold just because of the dividend situation. The lawyers will, as usual, feast on this dead meat
Looks like they UNDERREPORTED their taxable earnings for at least the last 2 years, which means, as I understand it they did not meet the rules for REIT distributions of 90% payout. They say the .50 special divvy will use up the excess earnings for 2011/2012 and will still have a small carryforward for 2013. Also states that this will have no material effect on their previous filings other than restating. Book value also jumped from $8.99 eoy 12/31/12 to $9.40 eom 1/31/13. A nice problem to have.
They screwed up. Rather than saying they have undistributed earnings from 2010, they should be saying that the 2010 excess earnings were distributed in 2011 and keep rolling forward in that manner. They have 12 months to distribute excess earnings from the end of a fiscal year. It does catch up eventually if profits are under distributed and in that case they should apportion the excess evenly over the next four quarterlies. In that way they appear to be forward competent rather than error ridden boobs.
Some people hedging their positions with calls and puts got screwed because of this. The same thing is going to happen over at Whiting Trust II, WHZ, with excess expenses, realized but not actually due to the oil properties involved, suddenly showing up in the quarterlies and demolishing the distributions. The current shareholders and hedgers get screwed and the future shareholders get the reward.
I wonder how many SEC investigators are getting the boot during the sequester.