Terms of Service

Divvy Now Pty Ltd (ABN 71 662 292 551) (Divvy Now) enables you to access your dividend once it has been announced by the company and prior to the ex-dividend date. Divvy Now will hold your shares as security in our trust account from the date as set out in the Confirmation, until the date after the record date, at which time your shares will be transferred back to you. This process ensures that the Advanced Dividend Payment is repaid to Divvy Now, by receipt of your dividend entitlement on the payment date, and is completed via an Off-Market Transfer (OMT) to and from our Security Trust Account.

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By signing up to Divvy Now, you agree to the terms outlined in the Financial Accommodation Agreement below. Please note that the Financial Accommodation Agreement alone does not create any Transaction with Divvy Now. You must complete an Application for each Advanced Dividend Payment that you request to be received. No advanced dividend will be paid without completing an Application.

 

 

For companies that announce their dividend in foreign currency (such as BHP), Divvy Now will be required to do an adjustment once the currency-converted dividend is announced. This is often a day or two after the record date. In the case of a company like BHP, Divvy Now will offer to pay 50% of the Advanced Dividend Payment upfront based on the Reserve Bank of Australia's reported exchange rate on the day, and the remaining 50% plus or minus any adjustment upon receipt of the actual AUD dividend amount once announced. Divvy Now will then transfer the stock back at this time. This helps to remove significant exchange rate risk that we would carry if we paid the full estimated dividend upfront. Similar scenarios might eventuate with other holdings where atypical dividend payment processes are present, such as where withholding tax is withheld from a dividend due to operating in foreign jurisdictions. Divvy Now will communicate with applicants prior to making any transaction in these circumstances.

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Divvy Now is a reporting entity under Austrac and we have an obligation to identify our clients. When we are transacting with you via a CHESS sponsored brokerage account, we accept that your broker has met these obligations already and will not require further validation of identification in most circumstances. For a copy of our Anti-Money Laundering & Counter Terrorism Financing Policy (AML/CTF) please get in touch.​