Just thinking out loud here, I wonder why someone would sell out on the 9th of March (when we opened 20c lower) when the dividend record date is a day later? Weird time to sell out...
“If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment.” ― Marcus Aurelius
Just thinking out loud here, I wonder why someone would sell out on the 9th of March (when we opened 20c lower) when the dividend record date is a day later? Weird time to sell out...
Ex dividend for NZR was March 9th (https://www.nzx.com/markets/NZSX/sec.../NZR/dividends). This means - whoever sold NZR shares on that day day sold them "ex" (i.e. without) dividend and kept the dividend for him/herself.
Don't mix this up with the record date (which was March 10 - after closure of stock exchange). If you sell shares on March 9 (during stock exchange hours), than you are (with T+2 settlement) still until March 11 (during stock exchange hours) recorded as owner - i.e. eligible for the dividend recording on March 10.
Confusing, I know ... clear like mud?
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"Prediction is very difficult, especially about the future" (Niels Bohr)
Yes, the current NZX/company practice of quoting "record date" and "payment date" in dividend announcements can confuse those of us who became accustomed to working to "ex div" dates. If buying or selling it pays to check whether shares are being quoted ex or cum div at the time.
Ex dividend for NZR was March 9th (https://www.nzx.com/markets/NZSX/sec.../NZR/dividends). This means - whoever sold NZR shares on that day day sold them "ex" (i.e. without) dividend and kept the dividend for him/herself.
Don't mix this up with the record date (which was March 10 - after closure of stock exchange). If you sell shares on March 9 (during stock exchange hours), than you are (with T+2 settlement) still until March 11 (during stock exchange hours) recorded as owner - i.e. eligible for the dividend recording on March 10.
Confusing, I know ... clear like mud?
Thanks for that, definitely slightly cleared the mud!
So they waited till they owned the dividend and then sold the shares. Makes more sense now!
“If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment.” ― Marcus Aurelius
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