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Centrica CEO Iain Conn will step down next year after the company cut its dividend and announced plans to exit its oil and gas business, sending its shares to a 21-year low.
Analysts dropped their estimate of Centrica's earnings for 2020, 2021, and 2022 by 30%, and Centrica paused its search for a buyer for its 69% stake in Spirit Energy. The share price in April reached a record low of £0.30, valuing the company at less than half of its net debt of nearly £4bn. [ 55 ]
Thus the key date for a stock purchase is the ex-dividend date: a purchase on that date (or after) will be ex (outside, without right to) the dividend. If, for whatever reason, a share transfer prior to the ex-dividend date is not recorded on the register in time, the seller is obligated to repay the dividend to the buyer when he receives it.
The ex-dividend date, i.e. the first date in which a new buyer of shares would not be entitled to the dividend, is the business day prior to the record date (see ex-dividend date for exceptions). In the case of a special dividend of 25% or more, however, special rules that are quite different apply.
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The ex-dividend date is the first date following the declaration of a dividend on which the buyer of a stock is not entitled to receive the next dividend payment. For calculation purposes, the number of days of ownership includes the day of disposition but not the day of acquisition. In the case of preferred stock, you must have held the stock ...
Dividend stripping is the practice of buying shares a short period before a dividend is declared, called cum-dividend, and then selling them when they go ex-dividend, when the previous owner is entitled to the dividend. On the day the company trades ex-dividend, theoretically the share price drops by the amount of the dividend.