American Capital Strategies announced that it will be acquiring all of the ordinary shares of European Capital held by other investors. European Capital shareholders will be getting about 1/3 of ACAS share in exchange for their stock. Furthermore ACAS announced that it won't pay any more dividends for the remainder of 2008.
This doesn't really come as a shock to me as ACAS stock price has been falling for several months after I considered it a must own dividend stock and bought some shares in this business development company. With the stock being off over 40% as of now I guess I should have sold at the open if I had seen the news earlier. Anyways I am planning on selling my ACAS position.
Disclosure: Long ACAS
Monday, November 10, 2008
ACAS Dividend News
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2 comments:
Argh!! I am in a 2-day meeting and missed the announcement. I will have to enter a sell order tonight. Thanks for the update!
Best Wishes,
D4L
Tell me about it.. I am starting to be suspicious of all stocks that sell stocks/bonds to finance themselves while paying super rich dividends out of capital..
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