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Surely that just means there company sold off our shares and made a profit.
If my 200 shares were worth (200 times 1.75 = ) £350
Then the question is what happened to that extra value.
How is the company actually giving a dividend. And yes it is being described as a dividend. In the HL aap it states that the dividend paid this year was 15p.
Fair point I think. As a point of semantics the payment hasn't been described as, and isn't, a dividend, - it's a return of capital (or capital reconstruction), but given the rise in the share price we'd have been better off keeping the shares.
I guess looking ahead if the company continues to drive improved financial performance and becomes more valuable there are fewer shares over which to spread the value, so the share price could appreciate more.
Got my dividend today.
I just don't understand. I thought they were going to do some other hocus Pocus with the SP once they had paid the dividend but no I'm down overall and I can't understand how they company thinks this is a dividend.
They just sold 200 if my shares and then paid me less than market value for them. I got paid £300. So that's £1.50 per share.
How is this not day light robbery.
Got mine today from ii
Same this end!!!!
I’ve now got 282 shares less and got bugger all off AJ Bell as of yet
Yes, I got mine yesterday 53 shares lost and I got £78.60.
NO NO !!!
Has anyone actually received a dividend yet as payment day was yesterday
I hink they might have spent the special div as well!!!
Yes guilty of that bought just before covid about £2.20 , along with cine not my best buys ha ha , but now on the recovery trail so the rise is very welcome
That should have been a smiley face not question marks!!
Thank you for you prompt and informative reply.??
"Who bought before the Covid crash", I should have said.
For those of us who bought and held MRO right through the Covid crash, the bounce back is excellent news and a testament to the skill and professionalism of the management team. I'm certainly not going to beef about their chosen method of divi payment.
See RNS 22nd June.
Expected timetable of principal events:1 2
Time and Date
Publication and posting of this Circular,the Notice of General Meeting and the Form of Proxy .............................................. 22 June 2021
Latest time and date for receipt of Forms of Proxy,CREST Proxy Instructions and registration of online votesfrom Shareholders in respect of the General Meeting ........................... 10:00 a.m. on 7 July 2021
General Meeting* ................................................................................... 10:00 a.m. on 9 July 2021
Capital Reduction Record Time**......................................................... 6:00 p.m. on 6 August 2021
Court Hearing to confirm Capital Reduction............................................................ 10 August 2021
Registration of Court Order and effective date of Capital Reduction***.................. 24 August 2021
ALL SUBSEQUENT DATES AND TIMES DEPEND UPON THE CAPITAL REDUCTION BECOMING EFFECTIVE
Filing of interim accounts with Companies House.................................................. 25 August 2021
Existing Ordinary Share register closed and Existing Ordinary Sharesdisabled in CREST............................................................................. 4:30 p.m. on 27 August 2021
Record Time for entitlement to B2 Shares and Share Consolidation. 6:00 p.m. on 27 August 2021
Cancellation of listing of Existing Ordinary Shares............................. 8:00 a.m. on 31 August 2021
New Ordinary Shares admitted to the Official List and tradingon the London Stock Exchange, ex entitlement to B2 Shares........... 8:00 a.m. on 31 August 2021
B2 Shares issued equal to number of Existing Ordinary Sharesheld at the Record Time..................................................................... 8:00 a.m. on 31 August 2021
CREST accounts credited with New Ordinary Shares....................... 8:00 a.m. on 31 August 2021
B2 Shares redeemed and cancelled.................................................. 8:00 a.m. on 31 August 2021
Despatch of share certificates in respect of New Ordinary Shares.................. 14 September 2021
Despatch of cheques and CREST accounts credited in respectof proceeds from sale of fractional entitlements arising as aresult of the Share Consolidation..................................................................... 14 September 2021
Despatch of cheques and CREST accounts credited in respectof proceeds from the redemption of the B2 Shares......................................... 14 September 2021
Does anyone know when we will receive the new revised shareholding certs?
This morning they reinstated my shares back and apologized for the error on their part. They have now agree the x Dividend date is 31 Aug 21. What a relief. Thanks for all the advice
The broker hasn’t still not got back to me which is strange. They must be not sure themselves what to do. If I am not entitled then they should credit back the shares they deducted. I will be better off than having the special dividend. I sold my reduced shares this evening as I didn’t want to lose out on today’s increase in the share price. It seems recently everyday is a bad day when the us markets open. the economic news from America effects us more than the USA . I will buy again after the 14 sept
Good point ftseexplorer - but then jp71 should not have been subject to the shareholding reduction (not owning the shares on the relevant day) ? Which, given the share price, might have worked out better than the capital reduction ?
In which case ftseexplorer, I think I am talking from my jacksy.
This is quite a unique case from what I can see.
Normally, the RECORD DATE is about two WORKING days AFTER the EX-DIV date. You can normally sell the stock on the ex-div date and still receive the dividend because it takes two days to remove your name from the record.
In this instance they are the other way around - the RECORD Date was 27/8 and the EX-DIV date was 31/8.
I believe that your broker is right in that you would have had to have owned the shares on 26/8 to get the dividend accounting for bank holiday.
Sounds like your broker is talking from their hind portion. You bought on the 27th, the record time for the share consolidation was 6:00 p.m. on 27 August 2021 per the RNS.
Either you bought before the record time or you didn't, they can't have it both ways. Even, for argument's sake, you put T+1 into the mix, your buy would have happened on the date of record but would not be recorded until 31 August (what with there having been a bank holiday).
So either you bought in *on* the day of record and, as such are entitled to your dividend, or you bought *after* the day of record and are not entitled to a dividend with an important factor being that you cannot *also* have your shareholding reduced. That'd be completely bonkers.
I'd suggest a follow-up call with the broker and ask for someone heading up a team / management level and see if they can't straighten it out. It's not Schrödinger's Dividend, after all.
The special dividend is not being paid untill the 14th so may be worth waiting to see if you do actually get it , but agree we have been robbed in real terms
I have questioned the broker about it and awaiting their reply. Would anyone advise whether I can sell the shares whilst it is up but not lose the special dividend