The ASX defines the with-dividend date as follows:

With dividend: Before the ex-dividend date the shares are said to be withdividend. If you buy shares whilst they are with 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 with-dividend period, then sells them to;

Daisy who buys them on the last with-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.

Chad

b.

Alice

c.

Daisy

d.

Erica

e.

Boris