It is amazing how everyone interprets these very confusing PRs differently. Not saying I am right (I'm probably not), but I interpret the paragraph below as meaning that you have to have owned the shares by May 20th (purchase date would have had to be May 17th) and you have to hold them til the ex-dividend date to get the TIPS shares. It also seems to me that he implies that the only way for new buyers to get TIPS shares is to buy them from someone who bought on or by the 17th. As we all buy our shares from MMs, you would have find someone willing to sell you their shares (which were purchased by 5/17) privately. He seems to be trying to clearly state that you do not get TIPS shares if you sell TNRG after the 20th. Anyone else reading it this way???
Here's the excerpt again:
Therefore, as an example, any record holder of TNRG as at May 20, 1999 is guaranteed the TIPS Dividend; however, if the TNRG shares are sold prior to the Ex-Dividend date, the TIPS Dividend shares pass to the new purchaser with the TNRG common stock purchased. In other words, for a TNRG shareholder to receive his TIPS Dividend, he must be the owner of the TNRG common stock on the TNRG Ex-Dividend date. The Ex-Dividend date will not be set until the TIPS Registration Statement for the Dividend is declared effective by the Securities and Exchange Commission. James Tilton, president of TNRG, stated, "We apologize for any confusion that may have occurred, however TNRG at no time stated or implied that TNRG shareholders who sold their TNRG shares after the May 20, 1999 record date would still be entitled to the TIPS dividend shares. The only fact that we did state was that all shareholders of TNRG common stock as at May 20, 1999 would be guaranteed the TIPS dividend shares. Further, the only way that an individual can receive the TIPS Dividend shares by purchasing TNRG common stock in the public marketplace after May 17, 1999 is if another individual sells their TNRG shares. For that reason we still feel that it was in the best interest of TNRG shareholders who wished to acquire the TIPS
dividend shares to have purchased TNRG common stock in the public
marketplace on or before May 17, 1999 in order to assure that they would be shareholders of record as at May 20, 1999."
|
