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The ASX defines the cum-dividend date as follows: Cum dividend: Before the ex-dividend date the shares are said to be cum dividend. If you buy

The ASX defines the cum-dividend date as follows:

"Cum dividend: Before the ex-dividend date the shares are said to be cum dividend. If you buy shares whilst they are cum dividend you are entitled to the recently announced dividend."

There's a small detail that is unclear in this definition. Suppose that:

Alice buys the shares during the cum-dividend period, then sells them to;

Boris who buys them on the last cum-dividend day, who then sells them to;

Chad on the ex-dividend date, who then sells them to;

Daisy on the record date, who then sells them to;

Erica on the payment date.

Who will receive the dividend?

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