They did not. The record date doesn't matter. Only the ex date matters. In the case of regular dividends, the ex date is two days before the record date. In the case of special dividends, the ex date is one day after the pay date.
JS, who and when was this dividend declared a special dividend? The day the dividend was 25% greater than the share price? The company never said it would be a special dividend, they said quarterly.
LAS VEGAS, Jun. 16, 2015, /PRNewswire/ -- Calissio Resources Group Inc. (CRGP) ("Calissio" or the "Company") announced today that its Board of Directors approved a quarterly cash and share dividend.
On this day the Closing Price of it's stock was 0.0207 a share. +88.2%> than Dividend.
On Thursday June 25 the C/P was 0.0099 a share. - 11.12% < Divy. On Friday June 26th the C/P was 0.012 a share. + 9.1% > Divy On Monday June 29th the C/P was 0.0105 a share. - 4.8% < Divy. On Tuesday June 30th the C/P was 0.009 a share. - 22.22% < Divy
Not any one of the four days prior to the record date was the declared dividend ever greater than 25% of the stocks closing price.
On 8th of July the share price became greater than the 25% threshold spread.
Now after looking at the rules (AGAIN) of the exchange you find that Ex Date is determined by the exchange them selves. So on the 30th the ex Date should have been determined/declared as the 26 of June.
4. Ex-Dividend Date This is the only date of the four that directly affects investors, as it determines when the right to a dividend is no longer transferred with the sale of a stock. For this reason, it's also the date that causes all the confusion.
Contrary to another common misconception, the ex-dividend date is not set by the company. It is set by the stock exchange the company's stock is traded on.
To understand why it is the stock exchange and not the company that sets the ex-dividend date we have to first understand the process. If a company declares Thursday, the 7th, as the record date, an investor would normally have to buy the stock on Monday, the 4th, to qualify for the dividend because of the T+3 rule, which states that stock transactions must settle in three business days. (Settle meaning the payment must be delivered to the seller and the security must be delivered to the buyer.) From Monday, the 4th, count three business days to the settlement date (which is also the record date). Tuesday, the 5th, is one day; Wednesday, the 6th, is two days; and Thursday, the 7th, is three days.
The most reliable source for a dividend record date is the press release from the company itself announcing the declaration of the dividend. The press release will typically include the declaration date, the record date, and the payment date. Only rarely will it include the ex-dividend date, and when it does, it will have been established by the rules of the stock exchange, not arbitrarily by the company.
Knowing the record date, determining the ex-dividend date is usually straightforward. To determine the ex-dividend date, simply count back two business days from the record date. Once again using the previous example, the record date is Thursday, the 7th, so the ex-dividend date is Tuesday, the 5th.
The last day to buy the stock and qualify for the dividend is Monday, the 4th, the ex-dividend date is Tuesday, the 5th, and the record date is Thursday, the 7th.
Now after re looking at the rules it still comes back to FINRT/DTCC and the Exchange as the pooch did not get kissed by the smart ones who halted the stock to destroy the company.
