A phantom share or synthetic however one wants to refer to a fake naked shorted version ( to a real shareholder ) is the same as a real share.
With the issue of a dividend ( fake ) shares come to light without question.
Even in the case of a share count the probability of many not sending in the proxy is high, therefore leaving the share count to be skeptical unless numbers are still greater than the float.
With a dividend, well, who isn't going to respond to that...
Not 100% how it all works, just know it's an "Oh shit" moment for a naked shorter.
Market Data 
Markets 
AI
