.36 shares @ 25 = 9. .36 x 24 = 8.64. How would you feel. You need 29.17 to get to 10.50. In addition, the folks who buy the cole reits are not very sophisticated investors and most likely just want their money back for liquidity purposes so this won't last long. ( No offense to former CCIT investors). I recommend holding on to your SIR shares given the income stream and properties owned.
I am looking for a selloff like this one to continue for a few weeks with vacillation between 23 and 25 until the folks who got stock instead of cash are out of their positions. This is a buying opportunity given the overall picture. The essence of the situation is that they got significantly less than $10.50 and are unhappy.
To qualify for continued listing we have a 1 for 2 split. The distribution will be adjusted accordingly, though I suspect it to be less than the previously announced amount. I am guessing less than 2 time $1.10 or $2.20. I think $1.50 on the new shares will be the eventual number. Look back when breitburn completed their deal with QEP. The promised a certain rate, paid it for one month then cut it in half a month later due to falling oil. I have no problem with this lower distribution scenario for the short term.