Introduction
Brazilian integrated steel producer Companhia Siderúrgica Nacional S.A. (SID) "CSN" unexpectedly announced on August 17 that it would distribute R$890 MM to its shareholders in extraordinary dividends (div. yield of ~7%) for the first time in over three years. Payment was scheduled for August 30, and stocks then traded ex-div on August 21. At first glance, this is the kind of news that typically satisfies shareholders, but this hasn't been the case with CSN because of concerns over the company's capital structure. Then, shortly after on August 28, the company announced that