how ex-dividends works

OK, i can see that there is still alot of confusion concerning SIP's 'special' dividends and to tell you the truth, i would like to make sure what i know is actually right so here goes.....

We have been given 4 dates which are:

Results Announced - 28th March 2011
Ex-dividends date - 5th April 2011
Record Date - 11th April 2011
Dividends payment date - 11 May 2011

The "results announced" date is not relevant. The "Dividends payment date" is also not relevant. So this is how i understand how it works. If you buy on the 4th of April or before, and you hold it until the "ex-dividends date" on the 5th of April you are entitled to the dividends and the franking credits. So if you sell on the 5th of April which is the "ex-dividends payment date" you will receive the dividends and the franking credits. You do not have to hold all the way up to the "record date" on the 11th of April. The "record date" is just for those new investors that haven't submitted their TFN and banking details to the ASX and/or SIP. They will have until then to submit the information but are still able to have sold on the "ex-dividends" date and will receive the dividends and the franking credits.....

OK thats how i understand it so if i am wrong PLEASE correct me because it is the same every year where people seem to all have different ideas on how it works...... If anyone has anything to change please state is clearly and simply so that i can understand it but more importantly so that everyone else can understand it....

Good luck everyone!

GC

PS - We are nicely breaching the 49 cent level long term resistance so tomorrows close will be very interesting. Hopefully we can close on a high and work our way to the next resistance level of 55-56 cents....