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Update to the December Dividend?      5-Mar-09 09:01 am    
I hold this fund through Fidelity for my 401k. Yesterday, the December dividend was "backed out" by the appearance of a mirror posting transaction. The amount was negative, and the shares in my account declined. No explanation, no reason. Upon checking the MIDAS funds web site, I found no news, and in fact noticed that their "news" section hasn't been updated since Sept of last year.

Fidelity responded to my inquiry with a statement that they were instructed to "reverse the dividend paid in December" by the fund. Upon calling the fund directly, I was told that there is going to be an "adjustment" or "repricing" of the dividend. The amount looks to be $0.01 less per share than what was originally issued ($0.09). The new amount has *not* yet posted to my Fidelity account; at the moment I've simply gone from having a December dividend to having no dividend.

Couple of points:
1) If you own this fund, you might want to check/monitor this situation.
2) I've never had a retroactive dividend adjustment to a dividend before. I'm not sure what to make of it.
3) The lack of news releases, investor contact, updates the fund web site etc. is very disturbing.

Any thoughts?
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danbrady

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  Subject Author Rating Time of Post (ET)  
 
Update to the December Dividend?
danbrady (1 Rating) 5-Mar-09 09:01 am  
 
Okay. Mid-day today, the "replacement" dividend s...
danbrady Rate it 5-Mar-09 02:21 pm  
 
Thanks for the input. I have held this fund since...
mrkeysers0s... Rate it 24-Mar-09 09:07 pm  
 
Compare midsx fund with tgldx they are both g...
drivaldo Rate it 25-Mar-09 08:49 pm  
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Midas (MIDSX)

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