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According to the 6-k: adr record date 6/18; pay date of cash option 7/3. SEC Edgar lists 2 other 6-k's from the same date.
I am not offering investment or tax advice, but if you're interested in my personal experience with the 2016 scrip dividend --- My share were held in street name and my broker called to ask if I wanted to take take the dividend in stock or cash. There were outsized fees for the cash option, so I opted for the stock which was not treated as taxable income (zero basis as if a return of capital). Stock issuance was a couple weeks after the cash distribution date and the number of shares issued was determined by dividend/an average price determined by a complicated formula. Not a great price, I remember thinking. Frankly, in retrospect, I put way too much effort into my 2016 decision, and, considering the still relatively small size of my holding, I think I'm going to do nothing and let the chips fall where they may. I hope someone finds this reminiscence helpful.
For people who wonder why this stock is so low, here a reason why: overregulation. It's impossible for Telefonica to make a good profit: Last friday the CNMC ordered Telefonica to cut the recurring monthly fees it charges other telecom operators by 22% on average.