OCBC reported the conversion rate to be $10.55 per new shares if one were to take up the scrip dividend. On Friday, 3 May 2019, the share was trading above $12. If that were to continue to Monday, 6 May, then the conversion price would be about $11 after the 10% discount. Of course the final conversion is also dependent on the volume at each price being transacted (weighted-average share price). Thanks to Donald Trump's message to increase the tariff of some China goods to 25% over the weekend, the STI plunged by more than 100 points on Monday, 6 May. Along with it OCBC was trading alightly above $11.50 on Monday (not exactly sure as I do not track the share price the whole day). To a certain extent, shareholders get more shares for scrip dividends. Based on the past one year record, the price at this level was touched momentarily in Oct 2018. [This message is not advertising for OCBC. Just a quick summary of what had happened.]