CC transcript page 7. “It's unfortunate, but
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CC transcript page 7.
“It's unfortunate, but what we did learn from our first dividend that we did, we were auto-adjusted from $18.99, we paid that dividend--the last one--at $18.99. We were auto adjusted to about $0.83, we opened up that morning surging to $3.25 which is fantastic, it was great for everyone.
But let's realize that we were auto-adjusted 20 times lower for the dividend calculation. So, I cannot believe that the regulators are going to give a percentage this time based upon the retirement of 21 million shares we did last month, as well as all of the people that waived, that wouldn't get the dividend, and then give you a higher percentage. I just don't see that happening, and if the past is any indication, they wouldn't do that, they would auto-adjust it by half.
James: So, I guess I'm not seeing how that has to work if you're not doubling the number of shares on the market, if a certain percentage of our shareholders
have waived their rights to the 1:1 share.
Joe: Listen, I thought, for sure, retiring 21 million shares that were in my possession--which, by the way, is unheard of, and I did it--retiring 21 million
shares, you would think that I would not be penalized on our market cap... significantly about 60, $70 million off our market cap at the time and nothing was adjusted.
So, the last time we did the dividend, we were autoadjusted to around the $0.83 range and that wasn't an equal adjustment, but they adjusted it 20 times lower. So, nothing makes me believe that there would be a percentage other than cut in half. So, we'd be at $0.40 next week.”
“It's unfortunate, but what we did learn from our first dividend that we did, we were auto-adjusted from $18.99, we paid that dividend--the last one--at $18.99. We were auto adjusted to about $0.83, we opened up that morning surging to $3.25 which is fantastic, it was great for everyone.
But let's realize that we were auto-adjusted 20 times lower for the dividend calculation. So, I cannot believe that the regulators are going to give a percentage this time based upon the retirement of 21 million shares we did last month, as well as all of the people that waived, that wouldn't get the dividend, and then give you a higher percentage. I just don't see that happening, and if the past is any indication, they wouldn't do that, they would auto-adjust it by half.
James: So, I guess I'm not seeing how that has to work if you're not doubling the number of shares on the market, if a certain percentage of our shareholders
have waived their rights to the 1:1 share.
Joe: Listen, I thought, for sure, retiring 21 million shares that were in my possession--which, by the way, is unheard of, and I did it--retiring 21 million
shares, you would think that I would not be penalized on our market cap... significantly about 60, $70 million off our market cap at the time and nothing was adjusted.
So, the last time we did the dividend, we were autoadjusted to around the $0.83 range and that wasn't an equal adjustment, but they adjusted it 20 times lower. So, nothing makes me believe that there would be a percentage other than cut in half. So, we'd be at $0.40 next week.”
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