Wesco's only asset was a stake in Toyota SA, which they have now sold. The special dividend is a distribution of the proceeeds of the sale. The share is correctly priced as it will be worthless (no underlying investments) once the dividend has been paid.
Read Company Profiles,it would seem as if they sold their share of Toyota SA to the Japanese main company.Then it is not a dividend in the main sense of the word but a return of capital which they decided to return to share holders as they have no use of it themselves.Beware as then the company will be worth less after the deal by the amount they pay out. OMO
OK.. I did not say this but, anybody who has made any profits in the last tax year now has a fabulous gap... caluculate your profits. buy the exact amount of wesco. the div is payed = no tax and you take the capital loss wiping out all taxable gains.. TAX free money for taxable money.... You got to love the market and what it gives you.