I see both TCLP and EPD go ex-divy today (per yahoo). Am I correct to assume, if in a company drip plan such as I am with EPD, that the share price basis for distributed shares was yesterdays closing price? Or is it company specific as to the stock distribution date? While researching I'm getting ixed info...;^)
(guess I should check the company web page)
edit---should have check first
"The investment date will be the distribution payment date for each quarter (generally, before the 15th
calendar day of February, May, August and November). The record date for eligibility to receive
distributions generally will be the last day of the month preceding a month in which distributions are paid
(generally, the last day of January, April, July and October)."
"We have the sole discretion to determine whether common units purchased under the Plan will come
from our authorized but unissued common units or from common units purchased on the open market by
the Administrator. We currently intend to use our authorized but unissued common units for all common
units to be purchased under the Plan.
""""""The price for authorized but unissued common units purchased with reinvested distributions will be
the average of the high and low trading prices of the common units on the New York Stock Exchange—
Composite Transactions for the five trading days immediately preceding the investment date, less a
discount ranging from 0% to 5%."""""" The discount is initially set at 5%; therefore, the initial purchase price for
authorized but unissued common units purchased with reinvested distributions will be 95% of such average
trading price. (Note: If you participate in the Plan through your broker, you should consult with your broker
to determine if your broker will charge you a service fee.)
The purchase price for common units purchased with reinvested distributions on the open market will
be the weighted average price of all common units purchased for the Plan for the respective investment
date, less a discount ranging from 0% to 5%. (Note: If you participate in the Plan through your broker, you
should consult with your broker to determine if your broker will charge you a service fee.)" |
