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.
GCL Price at posting:
$4.10 Sentiment: Buy Disclosure: Held
