So, I called Fidelity and asked why I did not get
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Posted On: 02/26/2020 6:51:41 PM
Re: Paul Jackson #13209
So, I called Fidelity and asked why I did not get NGIO dividends on the GNBT shares I purchased on 2/13, which was before record date of 2/17...I was told since those shares I bought did not get settled until 2/18, the seller got the dividends since the seller still showed as owners of those shares on 2/17 the record date...so, I don't get dividends on shares I bought on 2/13.
GNBT needs to change the record date for NGIO shares to a later date! This is not what was expected!
I wrote this -
Thanks Bwolfy! I just called FINRA again and was told NGIO shares are restricted shares, so there is no ex-dividend date...and they go by record date, so any purchases made before 2/17 should have NGIO shares attached, and if I did not get those, the brokers made a mistake...I will call Fidelity right now.
FINRA also said it would be possible for GNBT to change the record date..it can be messy, but FINRA can look into it and see if that can be done, but GNBT has to reach out to FINRA.
Bwolfy wrote -
I believe the issue is further down, keep reading:
“(c) Late Information Re: Ex-Dividend, Ex-Warrants Dates
If definitive information is not received sufficiently in advance of the record date to permit designation of an ex-dividend or ex-warrants date in accordance with
paragraph (b)(1) of this Rule, the date designated shall be the first business day which, in the opinion of the Committee, shall be practical having regard to the circumstances pertaining.”
I believe that since FINRA ruled on the dividend on 2/24 they should have set the ex-div date on 2/25 since the info wasn’t in in a timely manner and that would have matched what was in all the PRs. But they have to do that, and they didn’t. Wish you had read my previous posts before talking to them. I can call them tomorrow maybe unless you want to try again and point out that clause of the rule.
Read More: https://investorshangout.com/post/newpost/622...z6F6TnfI4i
Read More: https://investorshangout.com/post/newpost/622...z6F6hoPCcf
GNBT needs to change the record date for NGIO shares to a later date! This is not what was expected!
I wrote this -
Thanks Bwolfy! I just called FINRA again and was told NGIO shares are restricted shares, so there is no ex-dividend date...and they go by record date, so any purchases made before 2/17 should have NGIO shares attached, and if I did not get those, the brokers made a mistake...I will call Fidelity right now.
FINRA also said it would be possible for GNBT to change the record date..it can be messy, but FINRA can look into it and see if that can be done, but GNBT has to reach out to FINRA.
Bwolfy wrote -
I believe the issue is further down, keep reading:
“(c) Late Information Re: Ex-Dividend, Ex-Warrants Dates
If definitive information is not received sufficiently in advance of the record date to permit designation of an ex-dividend or ex-warrants date in accordance with
paragraph (b)(1) of this Rule, the date designated shall be the first business day which, in the opinion of the Committee, shall be practical having regard to the circumstances pertaining.”
I believe that since FINRA ruled on the dividend on 2/24 they should have set the ex-div date on 2/25 since the info wasn’t in in a timely manner and that would have matched what was in all the PRs. But they have to do that, and they didn’t. Wish you had read my previous posts before talking to them. I can call them tomorrow maybe unless you want to try again and point out that clause of the rule.
Read More: https://investorshangout.com/post/newpost/622...z6F6TnfI4i
Read More: https://investorshangout.com/post/newpost/622...z6F6hoPCcf
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