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CCH Software User Documentation

Why are Royal Dutch dividends not showing with the Telekurs Data Feed?

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Royal Dutch have started paying dividends by issuing new shares, called Electronic Election shares. The holder then decides which currency they want the dividend to be paid in, e.g.

The Telekurs Feed from SIX Financial represents this as :

  • GB00B03MM408, Royal Dutch Shell Plc NPV, issues has a 1:1 “Bonus in a different stock” in GB00BL5C4058 with an ex date of 12/08/2021 and an event date of 16/08/2021.
  • GB00BL5C4058, Royal Dutch Shell Plc Rights 2021- Electronic Election, pays a Dividend of GBP 0.1738 (or a USD or EUR equivalent) with an ex date of 12/08/2021 and a payment date of 20/09/2021.

The problem with this representation is that the Electronic Election shares are received after the ex date for the dividend. So no dividend is received. Wolters Kluwer have pointed this out to SIX Financial, but they consider that this representation is correct according to their internal rules.

To fix this, the user can either:

  1. Post the dividends manually, or
  2. Edit the security history of the Electronic Election shares and change the ex date of the dividend from 12/08/21 to 17/08/21, i.e. the day after the Electronic Election shares are received.

Note that this issue does not affect users of the Exshare feed as that feed represents the event as a dividend directly from Royal Dutch Shell Plc NPV, without going through the Electronic Election shares.