TODAY Last Day- BFHJ 6 for 1 dividend
BFHJ is shorted BIG TIME! and uncoverd shorts will need to cover the dividend as well if they dont cover in time, could be a MOASS
Beneficial Holdings, Inc. Clarifies Tentative Dividend Ex-Date for Six Share Dividend
LAS VEGAS, NV -- (Marketwire) -- 03/01/10 --
Beneficial Holdings, Inc. (PINKSHEETS: BFHJ), a casino and hospitality investment and management holding company, previously announced its intention to issue a share dividend of 6 shares of free trading common stock for every 1 share of unrestricted common stock that a shareholder owns (holders of restricted shares will receive restricted certificates). This means that the shareholder will have 7 shares of common stock after the dividend for every 1 share currently held.
The Company issued a resolution directing that the ex-date for the dividend will be March 5, 2010. The Company requested that the shares be prospectively distributed on March 10, 2010.
This means that shares must be settled by March 5, 2010 to receive the dividend. There is a three day settlement period that may affect the ability to receive the dividend.
However, the Company notes that these dates are tentative in nature and subject to approval by FINRA. In the event that FINRA cannot perform their review in time for the March 10 date, the distribution may be delayed; however, the ex-date may not be delayed. For instance, FINRA may direct the distribution to occur later, but that shareholders from March 5, 2010, receive the dividend. (This does not mean FINRA will approve the ex-date, but the Company reviewed examples of nunc pro tunc ex-dates and believes the ex-date may be honored despite their review process and a potential later distribution of shares).
The ex-date is the date you must have settled your positions to receive the dividend. This will not be treated as an ordinary forward split, so shareholders must factor in the settlement times for the ex-date when deciding when to purchase or sell their shares. In the event that the Company is notified of any changes, it will advise shareholders promptly.
The purpose of the dividend is to provide liquidity to our stock. Presently, our stock is being manipulated by verified short sale tactics. On some days, over 70% of our trading is from short selling. We believe that added liquidity may alter the program of the broker-dealers involved.
In the interim, the Company is moving forward with its acquisition strategy. It's hotel will be open shortly and additional gaming locations acquired.
