MCAN Mortgage Corp T.MKP

Special Dividend

[JayBanks]

Yesterday to the 15th they started to calculate the price they base our special dividend shares off.

The Board also announced a first quarter special stock dividend of $0.97 per share. Both dividends are to be paid March 31, 2022 to shareholders of record as of March 15, 2022. The special stock dividend will be paid to shareholders in common shares (with fractional shares paid in cash) issued out of treasury at the weighted average trading price for the five days preceding the record date.

The amount of value traded will be difficult to estimate, but we will try and ballpark it.

I'll base it off 100 shares. Or you can use maths for your own share count.

100 X .97 = 97 / 19.25 = 5.03896104

19.25 is my estimation of the weighted average trading price for the 9th, for every 100 shares you own, by this math your estimated to get about 5 shares at the moment and I don't see this number changing too much unless there is a large move.

[ChamBid]

JayBanks, thanks for doing that little math equation. I like this stock as it is boring but keeps paying dividends...what's not to like?! I think that the period for weighted average price started on Tuesday, March 8th until the 14th as they mention "preceding the record date" which is the 15th. We should not count the 15th. Small difference but I can't see it being too

[JayBanks]

  You may be right, I always figure the record is taken after the day is over, which may be a wrong way of thinking. If we ballpark Tuesday's action it seems like it likely was weighted in the high teens, but because of this 'weighing' is difficult unless you look all all the orders at each price, I've seen people post lists of these and I believe I've seen charts

[ChamBid]

I agree about DRIPs...it seemed like a good idea when I was younger - future dividends purchases fractional shares at a slight discount and you can 'forget about it'. This would work well for Canadian Banks but similar to you, I prefer being able to make adjustments to my investments in my Self-Directed accounts.  I assume that the 'share buyback' you mention being done in

[JayBanks]

Yes, that's what I mean having both is a of a poor use of money and is just an exercise in financial engineering. I'm fine with buy backs if they are purchasing at prices that make sense and enhance value, and I'm fine with DRIPs, but not both at same time, your just playing wack-a-mole. There are some companies that give share bonus to management as compensation, who then buy

[JayBanks]

So browsing through Scotiabank's earnings calendar section (which is not the most accurate thing in the world by any stretch), I noticed MKP is listed as a split today, which is obviously a reference to the special dividend. They gave us new maths that might be more accurate for your share count as it might be the official calculation? 1.052:1 My current share count is 1474 X 1.052

[wildrunner11]

Good find, I noticed some of my accounts down a few thousand Monday morning and saw the price  adjustment to MKP on Monday morning but I guess we will wait till March 30 to get shares and div $. 

[Forbesa13]

Thanks for these informative posts, just wondering if you've received your additional shares from the stock split that occurred on March 14th? The notice I got from RBC said it would take "up to 5 business days" for the adjusted shares to be reflected in my account...hasn't happened yet for me obviously. 

[JayBanks]

As far as I know the "stock split" is the special dividend, and according to the press release both the regular and special are suppose to be paid out on the 31st, which will likely appear in your account before April 8th. It's odd that Scotiabank and maybe others listed it as a split, I don't fully understand why that happened. That said this stock tends to act differently than

[JayBanks]

So I've received my special dividend shares today, unexpectedly as I thought it would take a few days to show up, but Scotia does not show the processed transaction in my account yet, just the higher share count. I was givin 75 shares which is between both estimation numbers I was using in calculations. 'Happy New Payout Maths' to all who hold!