special dividend 28c + cap return 10c, page-93

That is not actually correct PuzzledMonkey unless you assume that new buyers want to dump the stock the day after it goes ex-dividend.

Firstly, the dividend was flagged back in June, so there has been plenty of time to buy in. The only thing that has changed is that we got a tax ruling on the capital return.

More importantly though, they can still satisfy the 45 day rule even if they buy the day it goes ex-dividend. They just need to hold it at risk for 45 days (plus the day of purchase and sale) following that.