This literally means "without dividend." The buyer of shares when they are quoted ex-dividend is not entitled to receive a declared dividend. It is the interval between the record date and the payment date during which the stock trades without its dividend-the buyer of a stock selling ex-dividend does not receive the recently declared dividend. Antithesis of cum dividend ( with dividend). Bloomberg Financial Dictionary
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cf. ex couponThe trading status of a bond or share such that the seller of the bond or share retains the right to receive the next interest or dividend ( dividends) payment. The alternative is cum dividend or cum interest, when the purchaser has the right to receive the next interest or dividend payment. Dresdner Kleinwort Wasserstein financial glossary
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A share sold without the right to the next declared dividend payment.
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Trading has previously commenced " ex" capitalisation on this stock today. London Stock Exchange Glossary
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This indicates shares that have been bought without the right to receive the dividend, i.e. the seller retains the dividend.
► See also Cum Dividend.
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ex-dividend UK US adjective also INFORMAL ex div, ABBREVIATION xd) FINANCE
► relating to a share that is sold where the buyer does not have the right to receive a particular dividend (= payment): »
ex-dividend share prices
ex-dividend adverb
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The shares were quoted ex-dividend on 12 April.
Financial and business terms. 2012.