"For these larger 'special dividends', the ex-dividend date is...

"For these larger 'special dividends', the ex-dividend date is one stock trading day after the dividend date (the date on which dividend payment is made, typically after the record date). The stock will trade on an ex-distribution basis (adjusted for the amount of the dividend paid) on the trading day after the dividend date.

To be entitled to a special dividend, you need to be a stockholder on the record date. To be a stockholder on the record date, your purchase would need to have been made a minimum of three business days prior to the record date (you also need to own it on the ex-dividend date).''"

My interpretation:

"The stock will trade on an ex-distribution basis (adjusted for the amount of the dividend paid) on the trading day after the dividend date."

That is the price quoted on the exchange will include the dividend up until it is paid. However, the stockbrokers buying and selling for their clients will make an adjustment in the settlment to include the special dividend.

Regards

SP