Fibre division sale share holder value, page-33

With today being both the dividend (37.3c) 'ex date', and the return of capital (12.4c) 'ex date', the SP has dropped by about that order.The total return is about 19.8% of the VWAP ($2.51) at 30 April (of course a VWAP calculated yesterday would be in the high $2.60s).

Post-consolidation commences on Tuesday, so presumably the SP will climb by a significant extent at that time. In a perfect world, with a consolidation ratio of 0.80, the SP should rise by about 25% (correct me if I'm wrong), but markets do love to taunt us.

It's an interesting exercise, but it makes one wonder if ORA mgmt really thought it through. I'm too old for roller coaster rides thankyou.

In answer to some of the Qs above, courtesy of the ASX website:

"Record dateThe Record Date is 5.00pm on the date a company closes its share register to to determine which shareholders are entitled to receive the current dividend. It is the date where all changes to registration details must be finalised.

Ex dividend dateThe ex dividend date occurs one business day before the company's Record Date. To be entitled to a dividend a shareholder must have purchased the shares before the ex dividend date. If you purchase shares on or after that date, the previous owner of the shares (and not you) is entitled to the dividend.

A company's share price may move up as the ex dividend date approaches and then fall after the ex dividend date."