So my email to Joe was... "Sorry Joe, but no. The
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Posted On: 02/26/2020 12:36:29 PM
So my email to Joe was...
"Sorry Joe, but no. The last NGIO dividend was by itself and never connected to an add’l dividend that had record/pay/ex dates.
However your last NGIO dividend DID HAVE record/pay/ex dates! It is pretty obvious if you read your news release from 1/23/2019. So your explanation below holds no water.
“MIRAMAR, FL, January 23, 2019 / (Business Wire) / -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that it has REVISED the record date for the previously announced dividend to Generex shareholders of shares in our wholly-owned subsidiary NuGenerex Immuno-Oncology (formerly Antigen Express).
The Record Date for the determination of the holders of the Company’s common stock entitled to participate in the dividend will now be January 30, 2019. The dividend Payment Date remains February 25, 2019.
The Company believes that the ex-dividend date will be Monday, January 28, 2019 by application of FINRA Uniform Practice Code rules which provide ex-dividend date for dividends of less than 25 percent of the value a company’s common stock is the second business day prior to the record date.
The ex-dividend date determines whether a shareholder who sells Generex stock will retain the dividend. Based on FINRA rules, Generex understands that If a shareholder holds Generex stock but sells it before the ex-dividend date, the buyer will be entitled to the dividend. If a shareholder holds Generex stock and sells it on or after the ex-dividend date the buyer will not be entitled to the dividend.”
All your communications about the new dividend connected the 2 dividends to record/pay/ex dates and due bill comments.
Also, I reminded you Friday night 2/21/2020 that FINRA did not even have the dividends posted to be paid on Monday 2/24/2020. You were ticked at them and got them to update their site Monday morning 2/24/2020. So how can you assume we should have known these 2 dividends were separate when FINRA had not posted the particulars until AFTER the fact. Your SEC lawyer is doing a fabulous job of keeping FINRA on their toes obviously. Don’t turn around an say this is my issue and I should have known. You, GNBT, should have clarified this is all your PRs and conf calls. Instead you lumped them all together.
You constantly say this is all for the long time shareholders. Well there are not many shareholders that are longer term than me. I was in GNBT even before you got involved with GNBT all those years ago. Yes, I know you are not responsible for the things Anna and Rose did, however you always say you want to make long time shareholders whole and that is thru these dividends. Well if it had been clear that I would have had to purchase before 2/17 to get NGIO, I might have done that. But if I had known, and it had been posted on FINRA’s site to be able to review, that I would not have purchased shares last week.
This is a very sad moment right now Joe. I am not happy and disagree with you."
and he responded (and I must admit he is being nice because he knows he is WRONG PERIOD!)...
"These are not my rules, the dividends were coupled but one is public and one is private"
So my reponse...
"Joe, you had a record date, payable date and ex date with the prior NGIO shares, so why would we know it should be different this time. You would have needed to clarify in your prior PRs and conf call that both dividends will have different rules/dates, however you did not. "
"Sorry Joe, but no. The last NGIO dividend was by itself and never connected to an add’l dividend that had record/pay/ex dates.
However your last NGIO dividend DID HAVE record/pay/ex dates! It is pretty obvious if you read your news release from 1/23/2019. So your explanation below holds no water.
“MIRAMAR, FL, January 23, 2019 / (Business Wire) / -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that it has REVISED the record date for the previously announced dividend to Generex shareholders of shares in our wholly-owned subsidiary NuGenerex Immuno-Oncology (formerly Antigen Express).
The Record Date for the determination of the holders of the Company’s common stock entitled to participate in the dividend will now be January 30, 2019. The dividend Payment Date remains February 25, 2019.
The Company believes that the ex-dividend date will be Monday, January 28, 2019 by application of FINRA Uniform Practice Code rules which provide ex-dividend date for dividends of less than 25 percent of the value a company’s common stock is the second business day prior to the record date.
The ex-dividend date determines whether a shareholder who sells Generex stock will retain the dividend. Based on FINRA rules, Generex understands that If a shareholder holds Generex stock but sells it before the ex-dividend date, the buyer will be entitled to the dividend. If a shareholder holds Generex stock and sells it on or after the ex-dividend date the buyer will not be entitled to the dividend.”
All your communications about the new dividend connected the 2 dividends to record/pay/ex dates and due bill comments.
Also, I reminded you Friday night 2/21/2020 that FINRA did not even have the dividends posted to be paid on Monday 2/24/2020. You were ticked at them and got them to update their site Monday morning 2/24/2020. So how can you assume we should have known these 2 dividends were separate when FINRA had not posted the particulars until AFTER the fact. Your SEC lawyer is doing a fabulous job of keeping FINRA on their toes obviously. Don’t turn around an say this is my issue and I should have known. You, GNBT, should have clarified this is all your PRs and conf calls. Instead you lumped them all together.
You constantly say this is all for the long time shareholders. Well there are not many shareholders that are longer term than me. I was in GNBT even before you got involved with GNBT all those years ago. Yes, I know you are not responsible for the things Anna and Rose did, however you always say you want to make long time shareholders whole and that is thru these dividends. Well if it had been clear that I would have had to purchase before 2/17 to get NGIO, I might have done that. But if I had known, and it had been posted on FINRA’s site to be able to review, that I would not have purchased shares last week.
This is a very sad moment right now Joe. I am not happy and disagree with you."
and he responded (and I must admit he is being nice because he knows he is WRONG PERIOD!)...
"These are not my rules, the dividends were coupled but one is public and one is private"
So my reponse...
"Joe, you had a record date, payable date and ex date with the prior NGIO shares, so why would we know it should be different this time. You would have needed to clarify in your prior PRs and conf call that both dividends will have different rules/dates, however you did not. "
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.
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