why did gcl fall out of bed?, page-12

Record date for a $3.15 return is Friday 22/6/12 at 7pm. This looks like a massive arbitage opportunity. I have jumped in and just pray I haven't misunderstood something

Announcement

Special Dividend, Capital Return and Indicative Timetable
Further to recent announcements on the Merger Proposal, Gloucester Coal Ltd (ASX:GCL) ("Gloucester") is
pleased to announce the following matters.
Special Dividend
The Gloucester Board has determined that Gloucester will pay a special dividend of A$0.47 cash per share
("Special Dividend"), being A$0.03 per share higher than the approximate amount of A$0.44 referred to in
the Explanatory Booklet. The record date for determining entitlements to the Special Dividend is 7.00pm on
Friday, 22 June 2012.
Shareholders who hold Gloucester shares at that time will be entitled to receive the Special Dividend, which
is expected to be paid to shareholders on or about Monday, 25 June 2012. The Special Dividend is
expected to be fully franked.
Capital Return
In respect of the Capital Return which Gloucester Shareholders approved at the General Meeting on
Monday, 4 June 2012, the Gloucester Board has determined to proceed with the Capital Return and has set
7.00pm on Friday, 22 June 2012 as the record date for the Capital Return (being the "Capital Return
Record Date" referred to in the Capital Reduction Resolution). Accordingly, the Capital Return Record Date
is the same as the record date for determining entitlements to the Special Dividend.
As noted above, the amount of the Special Dividend will be A$0.47 per share, being A$0.03 per share higher
than the approximate amount referred to in the Explanatory Booklet. The Capital Return will be A$2.68 per
share, being $0.03 per share less than the approximate amount referred to in the Explanatory Booklet. The
amount of the Capital Return and Special Dividend will still total A$3.15 per share.