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There is probably a straightforward answer to this, but why has the Tesco Special Dividend been converted (at the $/£ FX rate) when the dividend and my account are in Sterling?

01/03/21
DEPO
Tesco PLC DIVIDEND 115@0.5093 Converted at 0.71391184
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Guest Martin

The conversion is to account for the reverse stock split. However, it is still innacurate. Tesco’s reverse split was 19 for 15 -- 15/19 = 0.78947368. 19 x 0.71391184 = 13.56, in other words 19 shares received money for 13.56 not 15. I would really like to know the answer to that. Say you have 115 shares, you now probably have 90.7 shares, that multiplied by 0.5093 (£50.93 a share). You should've received £46.19 dividend and you probably received £41.81, instead. 

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3 hours ago, Cobalt said:

There is probably a straightforward answer to this, but why has the Tesco Special Dividend been converted (at the $/£ FX rate) when the dividend and my account are in Sterling?

01/03/21
DEPO
Tesco PLC DIVIDEND 115@0.5093 Converted at 0.71391184

I had the same issue. This is an error. Trying to contact IG support with no answer

 

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Guest Aggrieved

Same here. I was Expecting the dividend in full yet it seems that IG have helped themselves to 29% of our money. Moving my account is starting to look appealing. 

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I have been paid dividend based on the amount of new shares. Surely this is incorrect, I thought that dividend was supposed to be based on the amount of shares pre-consolidation? 

And even then, the figures are around £200 off. (Assuming due to conversion rate others have mentioned above)

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I had the same thing.

This is clearly wrong and needs correcting asap as the special div was due to be paid on 26 Feb and is already late.

Also, I've had an ongoing question with the IG Corporate action team since I received the the original email on 12 Feb 21. The email stated as follows:-

How will it work?

 Let’s say you have 190 shares priced at £2.50 per share. We’ll close your original position and open a new one to reflect the 15-for-19 consolidation. This means that you’ll now have 150 shares, and the share price will have adjusted to £3.16 per share. The total monetary value of your position remains the same.

This is also clearly wrong. The share price was not and was never going to be adjusted under the terms of the consolidation, with the change of position value being made up by the special dividend.

All I required was for the IG CA team to confirm that the wording of the email above was incorrect. So far it has take over 2 weeks to get the most vague response. that has not addressed my specific point.

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Guest I have same problem no IG
15 hours ago, albertoganan said:

I had the same issue. This is an error. Trying to contact IG support with no answer

 

 

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Received the following email from IG
 
-------

Dear Mr. Gupta,

Thanks for your email.
The dividend has been paid out in USD instead of GBP and we would like to apologize for any inconvenience this might have caused.

This will be rectified in 1-2 working days and the right amount will be posted into your account.

If you have any further queries, please do not hesitate to contact us. Alternatively, we've recently launched our new Help & Support site which gives you answers from our huge knowledge-base, online community, and education hub.

Regards,

Jakub Sikora
Trading Services
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On 01/03/2021 at 15:16, Cobalt said:

There is probably a straightforward answer to this, but why has the Tesco Special Dividend been converted (at the $/£ FX rate) when the dividend and my account are in Sterling?

01/03/21
DEPO
Tesco PLC DIVIDEND 115@0.5093 Converted at 0.71391184

 

On 01/03/2021 at 16:22, Kartikeya said:

I have the same question. I was expecting to get paid in GBP and the dividend was issued in GBP itself. 

"Tesco PLC DIVIDEND 2000@0.5093 Converted at 0.71391184"

@CharlotteIG

 

On 02/03/2021 at 09:02, Cobalt said:

@Qwerty123 @Stu73

For me the amount of shares that the dividend is paid for is the pre consolidated amount, so that at least is correct.

@CharlotteIG what is going on with this dividend?

Hey all, 

Tesco special dividend is actually in GBP , but unfortunately there was an error that payed it in USD instead of GBP.. This is now resolved, we have reversed all USD payment and paid it in GBP again but sorry for the inconvenience and any confusion caused. 
All the best 
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