STUDIO 360

What Is The Company’s Ex-Dividend Data?

New investors are often mystified by the stock market language around when dividends are paid. Here's how they all fit together.
The ex-dividend date; the record date; and payable date  are the important dates to comprehend.

The only two dates stock investors need to know about are the ex-dividend date and the payable date.

As a company declares a dividend, in addition to the amount per share, it also announces a record date.
All share holders who are on the company’s share register at the books close date will receive the dividend.

In order to be on the share register at that date, investors must have purchased the shares at least three business days prior. This is because of the T+3 settlement system. The ASX uses the T+3 settlement procedure for settling trades. When traders buy stock , the instant the trade is executed the investor becomes the legal owner of the shares, and assumes the profits or losses from movements in its price.

But the actual day the trade is settled—when money is exchanged and the stock is transferred from seller to buyer—doesn’t occur until three business days after the transaction is executed.

Therefore, to own the stock at record date, and hence receive the dividend, the investor needs to have bought it three business days earlier, that is prior to the ex-dividend date.

Fortunately, instead of making investors do their own calculations and risk making mistakes, the ASX determines the ex-dividend date from the books close date for us.

After a company declares the books closing date, the ASX informs the market of the date investors need to have purchased by in order to be on the register at the books closing date.  

That ASX stipulated date is called the ex-dividend date. If you buy a share before the ex-dividend date, the stock is cum-dividend, and you’re entitled to the dividend. If you buy it on or after the ex-dividend date, then you will not receive the current dividend and the stock is considered ex-dividend. And that’s why it’s crucial for investors to understand this particular date. 

In theory, the share should fall in price on the ex-dividend date by the amount of the dividend. So it’s important not to panic because the stock has fallen a few per cent overnight. You’ll be compensated by your dividend payment in a few weeks time. It is worth checking the payable date as some companies are serial offenders when it come to late payment of dividends. 

Of course, all things rarely are exactly equal, so a stock will usually fall a little more or a little less than the dividend, depending on all the other factors that affect it on a day to day basis.  

The company mails out the dividend cheques on the payable date Alternatively, for those using direct credit, the day the funds will be transferred to you. Investors who nominate in a dividend reinvestment plan (DRP) will receive shares instead of cash around this date.

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