Kind of surprised to see TRP ....... dropping by 2.6% today in contrast with a background of all N. American markets rising due to interest rates (and inflation) decreasing ... and with no apparent reason for the drop.
So I surmise that some investors, seeing that TRP hit 52-week highs in recent weeks and the spinoff is fast approaching, are bailing ahead of the spinoff deadline.
Correct me if have an incorrect understanding of the sequential chronology but the following dates are key:
Sept. 25 Date of Record for TRP holders to be eligible for the spinoff SOBO
Sept. 25 TRP begins to trade with the right to the spinoff
Sept. 27 TRP trades ex dividend (with the Q dividend payable 30 Oct.)
Oct. 1 at market close .... end of TRP "linkage" to the spinoff
Oct. 2 at market open .... TRP trades as the "new and improved" TC Energy and SOBO trades on its own
So in practical terms:
If you sell on or before Sept. 27 .... no SOBO and no Quarterly Dividend
If you sell on Sept. 27 up to market close Oct. 1 .... no SOBO but you receive the Q Dividend
If you sell on Oct. 2 ... you will receive a lower price, but will receive (ultimately in accordance with brokerage practices) SOBO and will receive the Q Dividend
Complicated enough for 'ya?