"It should post no later than days end for anyone."
No, actually, those who bought from Sept 10th through the 30th aren't due the distribution until October 3rd, which is the due bill settlement date.
I read that sell orders were spotted coming from the grassy knoll.
"should i hold it for a few days and see if it gets a pop up"
I have no idea what you should do. I don't know where the price is headed.
"Isn't Oct. 3rd payday? Record date three days after ex date"
For a guy who came on this board swaggering like you knew all about everything, and claiming to be a psychic to boot, you sure are uninformed.
"It should easily go to at least $3 before the X date ... EASY MONEY :) just wait and see"
I waited, billpulvida, but I didn't see. What happened to that easy money?
"There is very little chance MSN remains under $3.00 in the next 4 weeks. Now is the time to load up tons of shares and then walk away from your computer. Come back in a couple weeks and check out your gains."
What gains? Can you be more specific?
"My price target for MSN in the next 3 weeks is about $3.40"
And we're all SO much better off for you having shared that.
"CWN, I will catch up with you the day before the ex-date ... there is going to be huge interest in this dividend ... I will be very surprised if the share price doesn't rise over $3.25 between now and the day before the ex-date."
So where are you, long_term_investor1?
You created that I.D. on that day just to post a flurry of complete nonsense for three days, then disappeared. Well, here it is, the day before the ex-date and none of your ridiculous predictions came true. You wouldn't care to explain why, would you?
I didn't think so.
"it normally takes 72 business day hours prior to the ex-dividend date for a trade to clear and become registered."
Prior to the record date, not the ex-date. The ex-date already takes into account the three day settlement period to become a shareholder of record on the record date.
"BIOFR should have been distributed to all accounts by now."
No. ppetalcool should have his by now since he bought on Sept 4, so his broker is slacking off, but anyone who bought from Sept 11 through Sept 23 isn't due the distribution until Sept 26th, which is the due bill redemption date.
OK, so today's closing price of the rights will be the amount by which the quote of today's closing price of BIOF will be reduced. Where BIOF opens tomorrow isn't certain, but should be somewhere near the adjusted closing price.
Well, I'm taking a wait-and-see attitude. While I'm not convinced that the conditions for making today the ex-date were met, I'm also not convinced that today isn't the ex-date. I've seen too many screwy things happen before under similar circumstances to be sure of anything yet. It could be that the rights did start trading yesterday and I simply haven't found a record of the trades. Then again, today's price action in BIOF sure makes it look like today isn't the ex-date.
"BIOF is ex offering"
I'm not so sure. The ex-date of today, Sept 23, was conditional upon the rights (BIOFR) beginning trading yesterday, the 22nd. The rights are trading today, but I don't see any evidence of them having traded yesterday.
I knew you meant to say 2 days before!
"the company knows when the ex date is by counting"
With regular dividends, yes, but I've seen plenty of companies completely screwed up in cases of a deferred ex-date, so the old legal advice of not volunteering any more information than required is, for them, often the best policy.
But for regular dividends, I agree completely that it would be helpful to include the ex-date in the declaration. And I think we can both agree that most companies are never going to do it.
"I still don't know, after 30yrs in the biz, why the press releases are more slanted toward only reporting record date."
After 30 years, you still don't know? Really? It's because the ex-date is set by the stock exchange, not the company. Because companies have no control over setting the ex-date, they have no legal obligation to communicate it to shareholders. That's reason enough for most companies not to do it, no matter how helpful it would be to shareholders.
The record date in this kind of circumstance is meaningless to the investor but very meaningful to the company, for two reasons. 1, the record date serves to establish that only the shares outstanding as of that date will participate in the distribution, which bars convertible securities (for companies that have them) from being converted simply to secure the distribution. 2, shareholders of record on the record date is who the company distributes the distribution to. However, that's not necessarily who gets to keep the distribution. In cases like this, when the ex-date is after the record date, all shareholders of record on the 15th who sell their shares before the ex-date of the 23rd are obligated to forward the distribution to whoever they sold the BIOF shares to. That part of the distribution process is handled by the brokerages, not the company, so the company's involvement in the distribution ends when, on the distribution date, they pay the shareholders of record as of the 15th.
The brokerages handle the forwarding of the distribution via the use of due bills attached to all shares of BIOF sold beginning Sept 11 and lasting through the end of trading on the 22nd.
If you haven't seen this kind of situation before, it can sound goofy and be confusing, but it's standard procedure. Happens all the time under certain circumstances.