(Editor’s Note: Due to our office relocation, the deadline for this issue moved up and the period this column examines, the four trading days leading up to our Friday production deadline, has been reduced. This article covers news from June 20 to 11 a.m. EDT June 23.)

ISAT.L

Inmarsat Plc, the latest private equity-owned satellite operator to launch an initial public offering (IPO), began public trading of its common stock on the London Stock Exchange June 22. In its first day of trading, the stock was not able to mirror the upswing that New Skies Satellites Holdings Ltd. experienced out of the gates, though Inmarsat’s drop was not as dramatic as what Panamsat Holdings Corp. experienced early on (though Panamsat eventually recovered and has been trading above its IPO price).

Inmarsat opened the June 22 trading day at 2.87 pounds per share ($5.22)

• and never traded higher than that point throughout the opening day. The stock ultimately closed June 22 at 2.80 pounds ($5.10). The stock was initially offered to private investors June 17 at a price of 2.45 pounds ($4.45).

On June 23, the stock hit a trading day high of 2.83 pounds ($5.15) but ended down, closing the day at 2.78 pounds ($5.06).

PA & NSE

Both Panamsat and New Skiesdeclared dividends for their respective second quarters.

On June 20, Panamsat announced it will pay a quarterly cash dividend of about 39 cents per share for the period from April 1 to June 30. The dividend will be payable on or about July 15 to the stockholders of record as of June 30. The company said the dividend is equivalent to a rate of $1.55 per share on an annual basis.

That same day, New Skies announced it will pay a partial quarterly cash dividend for the period from May 14 to June 30 of about 25 cents per share. It is the first dividend declaration since New Skies launched its initial public offering in May. The company said it expects to pay dividends of about $1.85 per share for the first four full fiscal quarters.

“I am very pleased with the progress we have made following our recent public offering,” New Skies CEO Daniel Goldberg said in a statement. “The initiation of our regularly quarterly cash dividend is a clear reflection of our confidence in our commercial prospects going forward and our ability to continue generating strong cash flows from operating activities.”

The market reaction to the dividend declaration was mixed. Typically, when a company declares a dividend, the share price of the stock spikes and trades at a level higher than what is trading at prior to the dividend declaration up until the record date (the date at which you must purchase stock by to receive a dividend) passes. The price usually drops back down when the record date passes.

New Skies followed that pattern. After closing June 17 at $17.70, the share price closed at a historic high of $18.35 June 20, rising to $18.63 June 21, before settling at $18.56.

Panamsat, on the other hand, did not follow the typical pattern. The stock closed at a historic high of $20.48 June 17 but then dropped 10 cents the day the dividend was declared and closed lower on each of the following trading days, closing June 22 at $20.06. With no negative news or analyst reports issued against Panamsat, the reason for the decline is somewhat unclear.

*Currency conversion prices based on spot price quote from ww.xe.com during the 10 a.m. EDT hour June 23.