"Ex date for dividends for this stock was 9/9/13"
"I bought stock on 9/9/13 and I noticed my account is not credited."
Nor will it be. The ex-date (9-9 in this case) is the first day a stock trades WITHOUT the right to the dividend. Only buyers BEFORE 9-9 get the dividend.
"in order to get the dividend, you need to buy the stock no later than November 4th"
No. 11-4 is the record date. The last day to buy the stock and get the dividend (why anyone would ant to is another question) is 10-30.
"I don't think the 3 days settlement matters"
Of course it matters. The whole purpose of the ex-date is to take into account the three day settlement period necessary to be a shareholder of record on the record date.
"I"m not going to fight it anymore, but to be honest I can't see in the SEC filings exactly how this is spelled out."
It wouldn't be in the SEC filings because it's not a decision by the company. It's a matter of long-established stock exchange rules. The company had no choice in the matter. Because of the value of the spinoff relative to the value of UNTD, the ex-date was required to be the first business day AFTER the distribution of the spinoff shares.
Having the ex-date after the record date happens dozens of times every year, but if you've never seen it happen before, it's guaranteed to catch you by surprise.
"STXSR only exist on 11/4 since ex-right date is 11/4."
No, the rights were issued on 11-1. The fact that the ex-date was 11-4 has no bearing on the existence of the rights. 11-4 simply determined which shareholder was eligible to receive them.
"Company should pay the loss of investors who bought STXSR on 11/1,11/4,11/5 and 11/6 and
Company should pay the loss of investors who bought STXS on 11/1."
It's not the company's responsibility to educate investors on stock exchange rules (specifically, in this case deferred ex-dates). That would be as stupid as requiring auto companies to educate drivers on state traffic laws.
"Once I recieve my Rights, I can choose to either sell them, buy more, or hold onto them...correct?"
Yes, but you don't have to wait until you receive them to buy more. You can do that any time, beginning last week.
"Now, if I elect to hold onto them, what happens after Nov. 21st?"
They expire. The company may, under certain circumstances, extend the rights offering, but they haven't yet.
"Lastly, IF nothing happens to your STXSR shares after Nov. 21st ..."
Unless the company extends the offer, they expire at 5 pm eastern standard time on the 21st. Worthless. Zero.
If you have any more questions that have already been answered multiple times, direct them to emeiemei. He's got no end of answers. They make no sense and are a complete waste of time, but it's apparently all he does. It'll give him something to live for. Consider it an act of charity. Like tossing a stray dog a bone. He'll #$%$ in your yard, but that's what stray dogs do.
"today's PPS ... doesn't even reflect the huge dividend of $1.75 !!!"
Of course it does. The $1.75 was already on the balance sheet before the distribution declaration, so was already a part of the company's net worth. How do you figure that by simply announcing the company is going to reduce their net worth by $1.75, it's all of a sudden worth $1.75 MORE?
"I would call my broker or if you can't get a good answer from them I would call the company."
The company would be the least likely to have the right answer. Because it is the stock exchange, not the company, who sets the ex-date, companies don't normally concern themselves with announcing ex-dates. And in the rare circumstance where the 25% rule applies, most companies have never even heard of it, so can't be of any help.
"Oviously None of them have ever owned a stock long enough to even get a dividend."
Or, could it be, cruisecontrol427, that you're just a loud-mouthed blowhard who feels threatened by the very idea of admitting that there might -- just might -- be something in the whole wide world that your giant brain has never heard of?
"Only the people who are recorded as a holder at the end of the 11th will get the money. That's what POZN said! "
Yes. and then the brokerage houses, through the execution of the due bills attached to every share sold from 12-9 through 12-30 will withdraw the money from the accounts of anyone who sold their POZN shares before 12-31 and forward it to the buyer.
"Do you guys do not want to understand or do you can not understand?"
The one you should be asking that of is yourself.
ba_muoi_lam, why don't you do a google search for "deferred ex-date" and finally escape that big, ol' stinkin' prison of ignorance you've been trapped in?
Oh, I know, ba_muoi_lam, it's all you've known your whole life and it's where you feel the most comfortable. Even if it makes you look like close-minded idiot on the message boards.
"Record day was Sept 27"
No, that was the last day to buy the stock and be qualified to receive the dividend. It's highly unusual for a company to mention in a press release what the last day to buy for the dividend would be, but they did. The same press release of 9-18 doesn't mention the record date, but it's Oct 2.
"I think ex-div is actually Sept. 30th"
Then you would be wrong. That's the record date. The ex-date was indeed 9-26.
"Is the ex div date 11/07/13?"
No, it's 11-6. It would've been 11-7 but 11-11 is Veteran's day and Veteran's day does not count in determining dividend dates because although the stock exchanges are open, the banks are closed.
Yes it is. The company sure was late with it. The CBOE announced it on 11-1, so the company was aware; they were just asleep.
"Answer my question:"
I have. Over and over and over. Now you answer my question: Why don't you study up on the due bill process instead of continuing your ignorant rant?
" What was the key to knowing that the ex-date was after the record date?"
As I said, because of the value of the spinoff relative to the value of UNTD, the ex-date was required to be the first business day AFTER the distribution of the spinoff shares. Do a google search for "deferred ex-date" and click on the first result. Scroll down to the part that's headed "Dividends of 25% or More of a Company's Stock Price," more than halfway down the page. That's a really good explanation.
With cash dividends it's obvious when a distribution is 25% or more of a stock's price but with spinoffs or warrants or rights, sometimes it's not so obvious. The companies themselves rarely tell you in their press releases if a distribution will use a deferred ex-date but that's only because most companies' PR departments have never heard of them. All ex-dates are established by the stock exchange, not the company, so it's really not the company's responsibility to inform investors of the ex-date. After all, the establishment of an ex-date is a matter of stock exchange rules, and it's in no way a company's responsibility to educate investors on stock exchange rules. It would be NICE if a company told investors what the ex-date was going to be, and it does happen on rare occasions, but it's not their responsibility.
If there is any doubt about the ex-date for a spinoff or a rights or warrants distribution, check the CBOE. I've found that to be the most reliable source. Of course if the stock involved doesn't have options, that won't work, but most of the time it does. I just now looked and this case was addressed in CBOE Research Circular #RS13-559, dated Oct 14.