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Dividend - paid and then cancelled?


Guest I_Dawg

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Hi

Hoping someone can shed some light on this for me. I've got shares in "Sequoia Economic Infrastructure Income Fund Limited" and was paid a small dividend yesterday. However, there is a transaction directly after that has taken this dividend off. It is for the same amount and only clue is "CONTRA" before the dividend withdrawal.

My account is not in debt, and I've not set up any auto-reinvestment features, so I don't know why this has happened. Does any one know, or does anyone know a way to get more info on this? Thanks in advance!

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Hi @I_Dawg - I have had a look at your account and can see that there was actually an administrative error which resulted in two dividends being paid, one of which we had to 'contra' (effectively reverse) so that the funds on your account and dividend payment was correct.

I checked this with the corporate actions team and they confirmed the following happened. Our team in the UK checked the dividend and made the manual payment, however the stock also appeared on an automatic payments list which was processed accidently by another team. On realising the div had incorrectly been paid twice, the team went in to rectify the issue. 

I hope this clarifies things but if you have any questions please let me know. You should be able to see the two divs on the 3rd and 4th of this month. Hope this helps. 

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