Kaydon Corporation (NYSE: KDN) today announced that the New York Stock Exchange has established March 27, 2012, as the ex-dividend date for its $10.50 per common share special dividend recently declared by the Board of Directors on February 22, 2012. The dividend of $10.50 per common share is payable on March 26, 2012 to stockholders of record as of the close of business on March 5, 2012.
Pursuant to the rules of the New York Stock Exchange, for dividends of this size relative to a company’s stock price, the date on which that company’s shares will begin to trade without the dividend, or ex-dividend, is the first business day following the payable date. Between the record date and the ex-dividend date the shares trade with a due-bill representing the special dividend.
As a result, shareholders who sell their shares prior to the March 27, 2012, ex-dividend date will also be selling their right to receive the special dividend. Kaydon Corporation common stock will begin trading on an ex-dividend basis beginning March 27, 2012, in accordance with New York Stock Exchange rules.
Kaydon Corporation is a leading designer and manufacturer of custom engineered, performance-critical products, supplying a broad and diverse group of alternative energy, military, industrial, aerospace, medical and electronic equipment, and aftermarket customers.