FCA keeps its promise and makes its members happy. The company's board of directors has given the go-ahead for the distribution of an extraordinary dividend of €1,3 per share. The amount will be paid entirely in cash.
The maxi coupon, which is added to the ordinary dividend of 65 cents per share to be paid today (May 2), comes following the completion of the sale of Magneti Marelli to the Japanese Calsonic Kansei Corporation for 5,8 billion euros.
The company will disburse 2 billion in extraordinary dividends plus 1 billion in the ordinary coupon: therefore, the total amount is 3 billion euros, 1,95 euros per share. The sum of the two coupons allows FCA to override Azimuth (1,5 euros per share) at the top of the "dividend ranking" of the Ftse Mib.
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For the timings, FCA informs that for both listing markets, i.e. NYSE and MTA, the program is as follows:
- ex-date: 20 May 2019;
- record date: 21 May 2019;
- payment date: May 30, 2019.
“We are grateful to Magneti Marelli employees for their commitment to deliver innovative products and support FCA's goals,” said Mike Manley, Chief Executive Officer of FCA. “Fca confirms its commitment to Magneti Marelli, which will continue to be a key supplier, and I am convinced that this transaction will ensure a solid future for Marelli employees and other stakeholders. This sale also recognizes the high strategic value of Magneti Marelli, improves our financial position, delivers value to our shareholders and allows us to focus even more on our key product range”.
In Piazza Affari, the stock continues to lose (-1,5%) due to the negative data on US registrations.
Will the shares undergo an ex-dividend valuation also for this dividend paid in cash?
I don't understand what FCA dividend means ex date 20 May 2019 and record date 21 May 2019