The dates of a JSE dividend, in the order they fall
A JSE dividend announcement carries five dates, and which one you act on depends on whether you are buying or selling. This page defines them and shows how they relate, with no real company's dates, because none could be read tonight.
The five dates
In the order they fall.
| Date | What it is | What a shareholder does |
|---|---|---|
| Declaration date | The day the dividend is announced, with the cents per share | Reads the announcement |
| Last day to trade | The last day a purchase carries the dividend | Buys by this day to qualify |
| Ex-dividend date | The first day a new purchase does not carry it | A buyer from this day does not qualify |
| Record date | The day the register is read | Must be on the register |
| Payment date | The day the company pays | Checks the account |
Why the order matters
A purchase settles some trading days after the trade. For the buyer to be on the register on the record date, the trade must be made by the last day to trade. A trade on the ex-dividend date or later settles too late: the seller, not the buyer, is paid.
Selling works the other way round: a sale on or after the ex-dividend date does not take the dividend from you.
An example with no real company
Imagine a record date of a Friday. The last day to trade would fall a few trading days earlier, say the Tuesday, with the ex-dividend date the day after. A buyer on the Tuesday is paid; a buyer on the Wednesday is not. The payment date follows the record date by some days.
The days are illustrative: the real figures are in each announcement, and the exchange's settlement cycle decides the gap.
At a glance
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Questions about dividends
Which date decides who is paid?
The record date; the last day to trade is the practical deadline for buyers.
If I buy on the ex-dividend date, do I get the dividend?
No. A purchase from that day onwards does not qualify for the declared dividend.
Is the payment date the same everywhere?
No. Each company sets its own.
Are real dates on this site?
No. None could be read tonight; the example is arithmetic on definitions.
A price contract is not a share
The broker this site links to offers contracts for difference on global shares and indices. No share is bought, nothing is registered in your name, and any dividend-related payment is a cash adjustment under the broker's own terms. Read the contract specification before you open an account.