AOD - Alpine Total Dynamic Dividend Cuts Dividend

On Thursday, Feb. 19, Alpine Funds cut the dividend for AOD from 18¢ to 12¢. Here's a link to the news release from their website.

I was expecting a cut, as a 35% yield did not seem sustainable (not that I'm complaining!). The cut brings it down to a 24% yield, which is still high. I was glad to see that they are back to declaring three months of dividends at a time. I was surprised that the share price did not fall very much upon news of the cut. Yeah, it did fall almost $1, but I was expecting it to fall to around $5.

Here are the dividend dates:

    Ex-Distribution Date    Record Date              Payable Date
   March 23, 2009          March 25, 2009           March 31, 2009
   April 22, 2009          April 24, 2009           April 30, 2009
   May 20, 2009            May 22, 2009             May 29, 2009