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: Erica buys the shares during the cum-dividend period, then sells them to; Daisy 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; Boris on the record date, who then sells them to; Alice on the payment date. Who will receive the dividend? a. Daisy b. Chad c. Boris d. Erica e. Alice