In the case of a dividend of 25% or more of the company's stock price, the ex-dividend date is after the record date, usually many days or weeks after, so the company may, if it chooses to do so, issue additional stock after the record date but before the ex-dividend date without affecting the gross amount of the declared dividend. While occasions of a secondary offering during such a period are rare, there are many more instances of shares being issued through dividend reinvestment plans and through exercise of stock options and convertible securities.
***In cases of a deferred ex-date, the only function of the record date is to determine on which shares the dividend is paid...
Because of that -- and this is a critical point -- it is the ex-dividend date that determines who qualifies for the dividend, not the record date.
This can be very confusing, having the ex-dividend date after the payment date. To further confuse things, in such circumstances, any shareholders of record who sell their shares before a deferred ex-dividend date also sell the right to receive the dividend. This is not optional to the seller, it is mandatory. The right to receive the dividend is contained in an attachment to the sold shares and that attachment is called a due bill.
FYI...FINRA sets the date... NOT the Company! Therefore the 'Record Date' is a moot point until the SEC and FINRA have made a decision regarding the filings!
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