"I put 5 days in the post because of possible weekends involved"
Well then, why didn't you put 6 days because of possible Monday holidays?
"but I should have said up to 5 days before x dividend date"
Why? One day before an ex-date is enough, no matter how many days a trade takes to settle. Ex-dates are real-time dates. There's no lead time involved with ex-dates. The settlement period lead time applies only to becoming a shareholder of record.
"How come the $1.40 special dividend isn't listed in company events?"
It is: "15-Dec-15 Ex-Date for dividend payment of $1.40"
"you have to have owned the stock 5 business days before for that dividend due to settlement dates"
Psst, ronaldhrusso -- the five day settlement period for stock transactions was reduced on June 7th to three days. June 7 of 1995, to be exact.
"the AYTU prospectus / supplement dated Dec. 1, indicates the distribution date to be 'on or about Jan. 4'. What does that mean?"
That means the distribution will take place on Jan 4 unless they change it. That rarely happens but sometimes it does. It's just standard CYA language.
"Do the shorts have a few days after Jan. 4 to cover?"
"Are they betting on when issued trading in AYTU?"
AYTU already trades. When-issued trading is for stocks that don't yet trade in the regular way.
"according to this site"
What site? Yahoo?
"at this inatant the ex-dividend date is shown as Nov 17, 2015 and the dividend date as March 10, 2016. Please advise how that correlates with your response."
That so-called information doesn't correlate to my response. It makes no sense whatsoever. Today, December 14, not March 10, 2016, is the payment date for the most current dividend, and the ex-date for today's payment was November 18, not November 17.
Whatever site you're looking at for dividend information is obviously not the right one. If it's Yahoo, well, Yahoo's notorious for unreliable information. For accurate dividend information, go to NASDAQ's web page, enter MAIN in the symbol entry box, click on Search, then click on Dividend History in the long menu running down the left side of the page.
...and Yahoo is being very difficult today, so the hell with the rest of it.
Stock dividends or distributions by the issuer of the underlying security (i) in an aggregate amount per dividend or distribution which does not exceed 10% of the number of shares or other units of the underlying security outstanding as of the close of trading on the declaration date, and (ii) which the Corporation believes to have been declared pursuant to a policy or practice of paying such dividends or distributions on a quarterly basis, will, as a general rule, be deemed to be "ordinary stock dividends or distributions" within the meaning of paragraph (c) of Section 11A. Pursuant to the terms of the Interpretation .01, a stock dividend that is less than a 10% stock dividend and occurs on a quarterly basis will be considered an ordinary stock dividend. Dividends meeting these criteria of an ordinary dividend will generally not result in an adjustment. Because GSVC dividends are anticipated to occur on an annual basis instead of quarterly and the amount of shares paid to non-electing shareholders is expected to exceed 10% even if some of the dividend is paid in cash to non-electing shareholders (GSVC closed at $9.95 on the GSVC dividend declaration date of November 4, 2015), the portion of the $2.76 dividend paid in stock to non-electing shareholders qualifies as a non-ordinary stock dividend under the OCC By-Laws and will therefore result in a contract adjustment. The stock dividend adjustment will also include cash in lieu of fractional shares, if any.
Although it is anticipated that the non-electing dividend will be paid out in stock, if any portion of the dividend is paid to non-electing shareholders as a cash dividend, any such amount will be construed under the cash dividend provisions of the By-Laws. In other words, if the form of the on-electing dividend includes both stock and cash, the stock portion of the dividend will result in an adjustment pursuant to the discussion above and the cash portion of the dividend will be evaluated ...
From the Options Clearing Corp:
DECEMBER 7, 2015
SUBJECT: GSV CAPITAL CORP. - STOCK DIVIDEND (ELECTION)
OPTION SYMBOL: GSVC
NEW SYMBOL: GSVC1
GSV Capital Corp. (GSVC) has declared a $2.76 dividend payable in cash or stock to GSVC Common
Shareholders. GSVC Shareholders have the right to elect to receive the dividend in Common Stock (share
election) or cash (cash election). In aggregate, the amount of cash to be distributed will be at minimum 20%
of the total dividend but will be limited to a maximum of 50% of the distribution. The remainder of the dividend
will be paid in the form of GSVC Common Shares. The Election Deadline is December 18, 2015. GSVC
Shareholders who fail to make an election will receive the dividend in the form of shares. The exact amount of
Common Shares to be received by non-electing shareholders will be determined by the company after the
Election Deadline on a date to be announced.
NASDAQ Capital Market has set January 4, 2016 as the ex-distribution date for the dividend. The Payable
Date is December 31, 2015. The Record Date was November 16, 2015.
Adjustment determinations are made by a panel of the OCC Securities Committee in accordance with Article
VI, Sections 11 and 11A of the OCC By-Laws. The contract adjustment described below was established by
the GSVC adjustment panel of the Securities Committee by applying Interpretation .01 of Article VI, Section
11A of the OCC By-Laws to the dividend in the form that will be received by non-electing shareholders.
Since it is expected that the majority of the $2.76 dividend will be paid in stock to non-electing GSVC
shareholders, the stock dividend provision contained in Interpretation .01 was utilized. Interpretation .01
"How does the ex-dividend date work with monthly distributions?"
Exactly the same as with any distribution -- each dividend has a record date, ex-date and payment date.
"are there 12 ex-dividend dates each year?"
"given the current February 2016 ex-dividend date, does that mean that any funds invested now would produce no dividend returns until February or March 2016?"
No, it doesn't mean that. Any purchase of MAIN today, December 14, would qualify for the December dividend (because the ex-date is tomorrow, 12-15), and if held, for all future dividends.
"Actually ARCC's ex date is Tues the 15th according to their press release."
No, the company's press release says the record date is the 15th, not the ex-date. It doesn't even mention the ex-date.
"That is why I bought today for both the brokerage & and IRA."
Yeah, well, your purchases of today won't get the dividend because today is the ex-date, not the 15th. Ex-date and record date are not the same thing. You've confused the two.
"According to the latest S-3 there are only 544 shareholders of Galena common shares."
No, that's not what the S-3 says. It says there are 544 stockholders of record, which is by no means the same thing as the total number of shareholders. Among those 544 stockholders of record are brokerages and others who hold shares in street name for thousands of individual shareholders. Unless you hold your shares in certificate form, which is becoming less and less common, and indeed isn't even possible for most companies anymore, your shares are held by one of the 544.
"Anyone who buys today locks in a .10 dividend tomorrow."
Uhh, no. The last day to buy to get the dividend was December 3rd. Tomorrow's the record date, not the ex-date.
"when a high yield fund has a holding like KMI and the rumor that a dividend may get reduced or eliminated that fund has to sell"
So funds are required by their charters to sell on rumors. Got it. Thanks.
"you guys need to get on stocktwits. much better board and a lot more info."
Just like with the last ENZN dividend, StockTwits has a bit of good information that's totally overwhelmed by a ton of misinformation, and not enough space for confusion-clearing explanations.
"It'll run clear till the 14th. will have some sellers after that but majority will stay till the 29th."
If anyone wants to keep the dividend they need to hold until the 30th because that's the ex-date.
"Somehow dates changed with NYSE where it was supposed to be record date of December 1st."
The dates never changed. The record date was and continues to be December first. Stock distributions do not follow normal dividend rules. You are simply not aware of how distributions work in this case.
"Interesting that the change/mistake occurred conveniently through tax loss-selling season"
Again, there was no change and no mistake with the relevant distribution dates. The mistake is entirely yours.
I have spent considerable time and given my best effort to explain to you how this distribution will be handled. I have failed. You win. Congratulations.
"I don't understand how the Due Bill rules can be legitimately cited as being the basis for deciding what the ex-date will be."
Due bill are more of a process than a set of rules, and due bills are not the basis for deciding when the ex-date will be. It's the other way around. It is the ex-date that determines whether or not the due bill process will be used. With normal ex-dates, due bills are not used. With deferred ex-dates, due bill are used.
Due bills are simply what makes a deferred ex-date work. The due bills themselves are not the determinant of anything. It's like buying goods online and having them delivered by UPS or Fedex. UPS or Fedex are not the basis for deciding what you buy; they are merely the mechanism that makes your online purchase work. But like due bills, understanding the delivery process helps to understand how online shopping works.