There is an automatic adjustment of the previous days's closing price on the XDATE of any dividend, that subtracts the taxable/book value of the dividend from the price of the stock. This is mandated by the SEC and GAAP accounting rules. As others have said, dividends aren't really free. They are giving away a piece of the company, whether it's cash or stock, thus reducing the company's book value.
That said, however, the book value of the dividend per share on the xdate should probably be no more than $.05/share and probably closer to $.01/share. By the time VCIG actually starts trading several weeks later, we may see it open around $.10/share and never look back. There's no way to really know until the market opens but you're looking at the difference between book value and market value.
We also really aren't absolutely sure that we understand how the dividend dates will be set. MCIG says the XDATE will be the day of the effective statement with the record date the following day. However, this seems to contradict the way the market normally operates, which is that it takes three days after you make a trade for it to close (i.e. be recorded). Consequently, if the effective statement came today (Thursday) and it was given to shareholders of record tomorrow (Friday), that would normally mean you would have had to purchase your shares on Tuesday to be recorded by Friday in order to get the dividend. That means the XDATE would be Wednesday not Thursday (the day of the effective statement). So go figure.
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