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The GEO Group, Inc. Message Board

cwn600 270 posts  |  Last Activity: 20 hours ago Member since: Dec 28, 1999
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  • cwn600 cwn600 Jun 2, 2014 7:07 PM Flag

    Yes, the NAO shares have to be listed and trading before the company can set a distribution date. The company will declare a record date and a distribution date. Then the exchange will set the ex-date as the first trading day after the distribution date.

  • cwn600 cwn600 Jun 2, 2014 7:09 PM Flag

    "The record date was already announced and passed."

    No, that was for the cash dividend. They haven't yet declared a record date.

    "The payment date could be tomorrow since it's supposed to come with the IPO."

    No, the distribution date will be announced days, if not weeks, in advance.

  • cwn600 cwn600 Jun 2, 2014 7:16 PM Flag

    "The Record Date – June 2, 2014 - determines which shareholders are entitled to receive additional shares due to the split. How is that not true?"

    It IS true, but it's incomplete and therefore misleading. All shareholders of record as of June 2 will be paid the split shares BUT if they sell their shares before the ex-date, they are also selling their right to the split shares, as they will be required to forward the split shares to whoever they sold their pre-split shares to. That's how you can buy as late as the day before the ex-date and still receive the split shares, even after the record date.

    Also, anyone who buys after the record date but before the ex-date won't get the split shares until several days after the distribution date, as the process of transferring the split shares from the shareholders of record who sold before the ex-date to the rightful owners is not instantaneous.

  • cwn600 cwn600 Jun 2, 2014 7:19 PM Flag

    "You won't."

    Yes, he will.

    "Explain, how you will?"

    Sure: All shareholders of record as of June 2 will be paid the split shares BUT if they sell their shares before the ex-date, they are also selling their right to the split shares, as they will be required to forward the split shares to whoever they sold their pre-split shares to. That's how you can buy as late as the day before the ex-date and still receive the split shares, even after the record date.

    Also, anyone who buys after the record date but before the ex-date won't get the split shares until several days after the distribution date, as the process of transferring the split shares from the shareholders of record who sold before the ex-date to the rightful owners is not instantaneous.

    "You have to be a shareholder before the close today, June 2nd, 2014!"

    No. The distribution of split shares is standard stuff. Nothing new about it. It's been established for generations.

  • cwn600 cwn600 Jun 2, 2014 7:21 PM Flag

    "Close of business today determines who qualifies."

    No. If you'd do a google search for "deferred ex-date," you'll find several excellent explanations of how it really works. Why don't you study up and get back to us?

  • cwn600 cwn600 Jun 2, 2014 7:27 PM Flag

    "Unless Apple's Investor Relations website is lying, you won't"

    Instead of just reading the part of Apple's website that you think confirms what you already misunderstand, why don't you read the whole FAQ? Especially the part that says, "What happens if I buy or sell shares on or after the Record Date and before the Ex Date?
    If you sell shares on or after the Record Date (June 2, 2014) but before the Ex Date (June 9, 2014) you will be selling them at the pre-split price."

    Yet you continue to claim, "After close of business today, you don't qualify. So much for your 15 years."

    Even the Apple website you claim supports your misunderstanding says you're wrong. So much for your reading comprehension.

  • Reply to

    Who is entitled to receive the shares of DNOW?

    by shuka_e Jun 2, 2014 10:01 AM
    cwn600 cwn600 Jun 2, 2014 7:36 PM Flag

    "I bought my shares on 30/05/2014
    Am I entitled to receive the shares of DNOW?"

    Yes, but because you bought after May 19th, you will receive them not on the distribution date of May 30, but on the due bill settlement date of June 4th (although in practice, it often takes a few days after that).

    That's because the spinoff was paid on May 30 to all shareholders of record as of May 22 and you bought your shares from one of them. So the spinoff first goes into their account, then the due bill process is triggered to withdraw the spinoff shares from that account and transferred to your account.

    So everything's fine. You're not due them for a few more days.

  • Reply to

    Who is entitled to receive the shares of DNOW?

    by shuka_e Jun 2, 2014 10:01 AM
    cwn600 cwn600 Jun 2, 2014 7:39 PM Flag

    "If you purchased shares of NOV, you will NOT receive shares in DNOW (the record date to receive shares from the spin-off was 5/22/14)."

    Yes, he will. It is the ex-date, not the record date, that determines who ultimately receives the spinoff shares. He bought after the record date but before the ex-date, which is today, so he will get the spinoff shares later this week instead of last Friday.

    This is standard stuff. All spinoffs work this way. Nothing unusual about it.

  • Reply to

    Who is entitled to receive the shares of DNOW?

    by shuka_e Jun 2, 2014 10:01 AM
    cwn600 cwn600 Jun 2, 2014 7:41 PM Flag

    "Thanks for the answer. "

    His answer is wrong; mine is correct.

    "Then why the price of NOV plunged as though today was the EX-DATE?"

    Because today IS the ex-date.

    "I bought NOV for a full price, how can it be legal?"

    See my response to your first post. It's legal because you WILL get the spinoff shares. But not last Friday and not today; later in the week.

  • Reply to

    Who is entitled to receive the shares of DNOW?

    by shuka_e Jun 2, 2014 10:01 AM
    cwn600 cwn600 Jun 2, 2014 7:42 PM Flag

    "Should be in your account by now, it's in mine"

    No, it shouldn't be in his account by now. Because he bought between the record date and the ex-date, he is not due the spinoff shares until the due bill settlement date, which is June 4th.

  • Reply to

    Who is entitled to receive the shares of DNOW?

    by shuka_e Jun 2, 2014 10:01 AM
    cwn600 cwn600 Jun 2, 2014 7:48 PM Flag

    "I would like to know: where can I find official notice of the company which says
    who get what and when."

    Sure. Company language about spinoffs and splits is notoriously confusing, but they did say who gets what. It's just camouflaged in opacity. This is the relevant passage, from their May 1 press release:
    "Stockholders who sell their shares of NOV common stock in the “regular-way” market (that is, normal trading market on the NYSE under the symbol NOV) after the Record Date and on or prior to the Distribution Date will be selling their right to receive shares of NOW common stock in connection with the distribution."

    One of those stockholders sold their shares to you. And as the press release says, they also sold their right to the spinoff shares to you. And as I've pointed out previously in this thread, because you bought after May 19th (which is two days before the record date -- the press release should've been more specific), you don't get the spinoff shares until later this week.

    So relax. You'll get what you expected.

  • Reply to

    Who is entitled to receive the shares of DNOW?

    by shuka_e Jun 2, 2014 10:01 AM
    cwn600 cwn600 Jun 2, 2014 7:50 PM Flag

    joelouisg, you didn't excerpt the applicable portion of the press release. It says shuka_e does in fact get the spinoff shares: "Stockholders who sell their shares of NOV common stock in the “regular-way” market (that is, normal trading market on the NYSE under the symbol NOV) after the Record Date and on or prior to the Distribution Date will be selling their right to receive shares of NOW common stock in connection with the distribution."

    As I said in another post, this is the way all spinoffs are handled. Standard stuff. Nothing unusual about it.

  • Reply to

    Who is entitled to receive the shares of DNOW?

    by shuka_e Jun 2, 2014 10:01 AM
    cwn600 cwn600 Jun 2, 2014 7:54 PM Flag

    Ah, very good, astuteinvestor1. I didn't see your correction until after making a few posts of explanation.

  • Reply to

    Spin-off, so now what?

    by rsteele722 May 30, 2014 9:27 PM
    cwn600 cwn600 Jun 2, 2014 8:16 PM Flag

    "opening price is the "spin off" price, for lack of a better term, correct?"

    No, that would be the May 30 closing price of the when-issued shares.

  • Reply to

    dividend

    by bustercherry2006 Jun 4, 2014 8:23 AM
    cwn600 cwn600 Jun 4, 2014 11:22 AM Flag

    "The August dividend is for $2.31 per share owned."

    Yes.

    "You have to buy NGG no later than one day before the EX-Dividend date that is July 29th."

    Yes, the ex-date is July 29, so the last day to buy to qualify for the dividend is July 28.

    "You must hold NGG in your account until after the dividend is paid"

    Absolutely not. If you own the stock on July 28 you can sell it on July 29 (the ex-date) and the dividend will be paid to you on the payment date. There is no need to hold the stock until the payment date.

    " so there is an account for the dividend to go into."

    Just because you sell a stock, your account doesn't disappear.

  • Reply to

    dividend

    by bustercherry2006 Jun 4, 2014 8:23 AM
    cwn600 cwn600 Jun 4, 2014 3:33 PM Flag

    "I believe that today (June 4th) is the ex dividend date"

    Normally it should be, but the NYSE didn't adjust the price for the dividend, so apparently it's still an open question. Some otherwise reliable sites have the ex-date listed as 6-4, while several other otherwise reliable sites have it listed as 7-29.

    As for today's price drop confirming the ex status, it dropped a similar amount yesterday, so that proves nothing.

  • Reply to

    dividend

    by bustercherry2006 Jun 4, 2014 8:23 AM
    cwn600 cwn600 Jun 4, 2014 3:34 PM Flag

    "GOOGLE 'National Grid ex Dividend" and the calendar of events comes up."

    That's on the UK side of the site, which is for the shares traded on the London exchange.

    "Looks to me like the 2014 ex dividend date is 6/6/2014"

    No, that's the record date. Record date and ex-date are not the same thing and they don't fall on the same day.

  • Reply to

    dividend

    by bustercherry2006 Jun 4, 2014 8:23 AM
    cwn600 cwn600 Jun 4, 2014 3:36 PM Flag

    "You must hold NGG in your account until after the dividend is paid so there is an account for the dividend to go into."

    You wrote that earlier today and it was wrong then and it's still wrong. If purchased at least one day before the ex-date, ANY stock can be sold ON the ex-date without the seller losing the dividend.

  • Reply to

    dividend

    by bustercherry2006 Jun 4, 2014 8:23 AM
    cwn600 cwn600 Jun 4, 2014 3:39 PM Flag

    "your post looks a lot like mine. . . cut and paste maybe???"

    You don't read so good, do you?

  • Reply to

    dividend

    by bustercherry2006 Jun 4, 2014 8:23 AM
    cwn600 cwn600 Jun 5, 2014 11:22 AM Flag

    "I have been a financial planner for 36 years and certainly know what I am talking about"

    Making the same incorrect statement three times in a row proves you DON'T know what you're talking about.

GEO
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