Plus500 dividend "correction" today by T212

T212 paid out the Plus500 Special Dividend of 16.56p (US 28.7c) and the Final Dividend of 31.29p (US54.22c) today, then immediately withdrew the larger of the two dividends stating the reason as a “correction”.

Ignoring the fact that the exchange rate they used to convert from USD to GBP is GROSSLY incorrect, does anyone here have any idea why T212 took it onboard to unilaterally cancel the genuine Final Dividend of 54.22c?

Before I blow my top…

Hopefully they sort it out soon, I’ve been getting dividends about 3-5 working days after, so yours has been pretty quick albeit reversed.

Are you factoring in the US WHT of 15% as well?

The stock is listed in Israel and quoted in US Dollars. According to the dividend payment record in my T212 Account History, the Withholding Tax Rate is 0%. Whatever way I look at it they messed up and I am rapidly losing faith in T212’s reliability and processes.

Yes, I usually wait 3 to 5 days for the dividend payments to arrive and I am actually OK with that.

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I’d imagine T212 has made some sort of error here, which is why it has withdrawn the dividends. Mistakes will unfortunately happen, but you can rest assured that it will be put right.

Out of interest, does T212 apply the exchange rate at the time it pays out a dividend or at some predetermined time on the payment date itself? I’d guess the latter but could be wrong as I don’t hold any foreign dividend payers.

Hey guys,

There was an error in the distribution of the final dividend, hence, the correction applied. The actual dividend will be distributed in full by the end of tomorrow. :v:

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Thank you for that info Bogi. Appreciated.

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