Scary thoughtBeginning to realize that my take on NEM paying cash instead of shares to everyone other than Australian shareholders could in theory create a serious injustice to NCM shareholders.
First off, it would be difficult to leave a $1.10 per share dividend on the table by selling one's NCM shares prior to the ex dividend date.
The problem becomes more obvious with the realization that there is no time between the ex date and the consummation of the deal.
Now it becomes a matter of NEM paying out 40% of its share price in cash.
I have no idea what % of sharehoders are Australian. But if NEM wants to save serious dough, all they will have to do is get its share price down.
The value of the scheme, and it is beginning to look like a scheme, for NCM at the time the deal was announced, was around 19 billion or so. Now it's down to about 16 billion.
If NEM drops to say $35.00 US by the time the payout become due, the MC of NCM drops even lower.
It will be to NEM's advantage to have it's share price drop thereby saving many, many millions in the form of its cash payout.
Hope my interpretation is incorrect since I'd like to take advantage of the dividend, then end up with shares of NEM.