So, this message board has contradictory views on whether a TAL buyer after 6/03, and esp. after 6/10, gets the special dividend (if it is paid). Well the TAL price took another hit with the weak market today, so I couldn't help it - I just got in at 13.33, and we'll see if I get that dividend.
Thanks for the explanation. It is tempting to buy in my IRA, hold for a few days (because I think TAL/ TGH / its merged progeny will recover in price quickly) and I could then capture the special dividend -- but I decided not to (I don't mind the risk, but too much going on now)..
I'm a bit confused about whether TAL went ex-div on June 8. It went down dramatically on June 9, but so did TGH which has no such special dividend. Also, the dividend is not a certain dividend, it is contingent on the shareholder approval of the merger. So, if the share price doesn't do the dividend drop until it is paid on June 14, 15 or 16 or so, but by that time everyone gets the same TIL shares in the merged company, then there was no discernible dividend drop and the shareholder who bought on June 9, 10, 12, etc (who does not get the dividend) overpaid ..... or am I not getting this right?
Why would FBP give the preferreds a make up payment for previously skipped interest payments, when these are NOT cumulative preferreds? Is this a breach of fiduciary duty to the common stockholders?
Well, it gave me 2.43, so I am out (I can take my wife on a good dinner on this, that's about it). I didn't want to wait any longer, because (1) if not enough votes approve the deal, they'll likely adjourn until they get the votes - I don't anticipate they will raise the offer, so they'll have us waiting, and (2) even if approved, it might be awhile before money changes hands - and I already observed that I'm not even sure what the net payment will be. So, I'm ok with the 2.43, and say adios.
This is an outfit with resources to pull it off - it's a real offer, which puts the company at play whether management likes it or not. I don't think greenmail will buy HC2 off either - either management will have to sell the company at the offer OR HIGHER to some other party, or will have to monetize (sell) some of the assets, which will have a positive effect on the stock price. There is going to be a battle here.
Maybe not $2.51. The materials state that it would be $2.51 LESS Citibank depository termination fee and other fees. I called Citibank, but couldn't get thru to anyone who could tell be what, if any, termination fee Citibank will charge, and what the other fees are. I also emailed MY investor relations in China, but they have not replied (and probably won't). So, we don't know what the net proceeds will be even if the deal does close. (My broker won't charge me anything, so I have that covered.)