As always, have tried searching before posting but not found anything.
I encountered this on the T212 learn page and I just wanted to check that I’ve understood it correctly. It means that even if you buy a stock the day before the ex-dividend date, you still won’t receive the dividend by T212 as you would have to buy it on the Tuesday rather than the Wednesday (assuming the ex-date is the Thursday)? Is there an exact time cut off for the Tuesday or would it be the 16.30 UK stock market closure time?
Hello, we have updated the article. To qualify for a dividend, you need to buy the stock at least one day before the ex-dividend date and hold the position until the market opens on the ex-dividend date.
Using your example, this means buying the shares on Wednesday at any time and holding them through the market open on Thursday would make you eligible to receive the payment.
Here is an example from our Help Centre article on the topic:
Puma has an ex-date of 01.08.2022. To be eligible for a dividend, you need to have purchased the shares on or before 31.07.2022 and hold them until 01.08.2022. After that, the shares can be sold, and you would still receive the dividend in your account.
We aim to pay dividends as soon as possible, usually within a few days after the pay date passes. Still, if a payment takes longer, don’t hesitate to contact us so we can check the matter