Question G39MJ-V8QC7 says:
A publicly traded company announces the following in a press release:
“On Tuesday, July 7, 2021, Rile Logistics Company announced a quarterly cash dividend of $1.00 per share of common stock. The dividend will be payable Thursday, September 7, 2021 to shareholders of record as of Friday, August 20, 2021”
Then asks which statement is false. The answer I chose and got wrong is "The regular-way ex-date is Thursday, August 19.
How is this not a correct answer? The explanation states:
“With regular way settlement at T+2…, the last day an investor could buy the stock and settle by the record date would be Wednesday, August 18th.”
And according to investopedia:
“The third stage is the ex-dividend date, which is the date that determines which of these shareholders will be entitled to receive the dividend. Typically, the ex-dividend date is set two business days before the record date. Only those shareholders who owned their shares at least two full business days before the record date will be entitled to receive the dividend…To illustrate this process, consider a company that declares an upcoming dividend on Tuesday July 30th. If the record date is Thursday August 8th, then the ex-dividend date would be Tuesday August 6th. In this scenario, only shareholders who bought their shares on Monday August 5th (or earlier) would be entitled to receive a dividend.”
What am I missing here? These are the only questions I continue to get wrong.