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RCNI ex-dividend on 6/12 (33%, special)

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RCN Corp will pay a special dividend of $9.33 on June 11 to holders as of Tuesday, June 12. That’s 32.8% of the share price of $28.440. The company also announced a small share repurchase program. This is part of a debt restructuring program unfortunately, following a lackluster performance in 1Q07, with EBITDA ahead and top-line short of estimates.

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This entry was posted on Tuesday, May 29th, 2007 at 3:02 pm and is filed under Div Alert. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “RCNI ex-dividend on 6/12 (33%, special)”

  1. Bock Says:
    May 31st, 2007 at 10:39 am

    How can the special dividend be payed on June 11th and the X-date is on June 12th?

  2. Jon Says:
    May 31st, 2007 at 4:08 pm

    The SEC has rules governing “Special Dividends.” That is, those that exceed a significant percentage of the stock’s price. If you read the original company declaration, it states each date: Record date is 04 June; Pay date is 11 June and the Ex-Date is 12 June.

  3. Dwight Says:
    June 4th, 2007 at 6:17 pm

    It looks like this will be treated as a return of capital. Any confirming information?

  4. Alan Says:
    June 4th, 2007 at 6:55 pm

    Called them and she told me that we will receive a notice at the beginning of next year indicating the tax treatment of the dividend.

  5. Sam Says:
    June 4th, 2007 at 7:00 pm

    Yep, the dividend will be paid out of debt so definitely ROC for the most part.

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