Hi chrg, As I look at it the implied present value for Feb...

Hi chrg,
As I look at it the implied present value for Feb should be pretty much the same as the end of November value.

Apart from the dividend , which comes off the final payout , I don't see a difference. Whether a divi is paid doesn't change the npv , as any divi paid just reduces the final payout figure.
The opportunity cost , which would lower the net present value for a Feb deal, is covered by the 4.5c per month extra payment. So you do get more money as a payout at the end of Feb, but only the 4.5c per month, which is compensation for the extra time taken to pay you.
The npv of the share isn't changed by that.
Again , I am ignoring any fc from future dividends.
Cheers .