SI is currently having a 30 day free-trial membership or something like that, so joining SI shouldn't be an issue.
The ex-date is still unknown. Mondays closing price (and 52 week hi/low) was adjusted on open today. That means the ex-date could be yesterday, the day before, or May 29th. Retro-active ex-date would be extremely unusual, but possible.
Midland changed the implementation of the dividend to be in the form of a split. The implementation, unfortunately affects who gets the divendend.
Considering how the MM's kept the bid/ask at pre-split prices, anybody who bought after 5-29 and didn't get the split wouldn't be hurt. (ie. if they don't get the split it would be OK).
It would really suck to buy a stock, have the price split adjusted (ie. lower), remain unchanged, and NOT get the split if you had the stock before the split. That would be a zero-sum game, taking away from one person (buying this stock despite it's problems) and giving it to another who sold this stock (because of it's problems).
In this case the price is relatively unchanged and the split acted as a dividend (more shares are of MIDLP are owned at the same price). Nothing has been taken away from anybody. The question is, "Who gets this extra piece of same-sized pie??"
Only 100% guarantee to get the dividend/split is if you are SOR as of 5-29-98 and you owned the shares as of the ex-date.
Let's keep conversation on this issue civil this time, please. I'll probably get verbally flamed again, but that's OK I've got a flame retardent suit on.
Kurt |
