Finally, the record and payable dates
for the fund will change from the June 2018 distribution, the fund said.
ICE expects the annual total dividend for 2018 to be 96c per share, for an aggregate payout of approximately $560M, and the expected record and payable dates
for the balance of the year are expected to be as noted below, subject to board authorization.
The distribution is subject to the following ex-distribution, record and payable dates
below set by the Fund's board of Trustees.
As the record and payable dates
fall after June 1, which is the planned effective date of the merger between Mercantile Bank Corporation and Firstbank Corporation, shareholders of the combined company on the record date will receive the dividend.
But "there are inherent risks associated with allocating late and unidentified payments," the paper says, and "while the practice of allocating all entitlements on the payable dates
has provided a great deal of certainty for DTC participants and their customers, the exposure to credit and liquidity risk in an increasingly complex financial and regulatory environment has grown to unacceptable levels."
Several years ago, the record and payable dates
of a stock dividend for the ADR of a Japanese company overlapped with its Japanese counterpart, resulting in erroneous distribution of a large number of "bonus" shares, much to the chagrin of the agent bank, which still is trying to retrieve the shares.
are: April 28, May 31, and June 30, 2017.
The record and payable dates
for this regular cash dividend will be the same as for the special cash dividend.
For 2015, the company has set its expected remaining dividend payable dates
as 2 July 2015, 2 October 2015 and 31 December 2015.
Further, the company said that as the record and payable dates
fall after 1 June, the planned effective date of the merger between it and Firstbank Corporation, shareholders of the combined company on the record date will receive the dividend.