BUZZ-Polyus Gold: spikes on dividend arbitrage

** Polyus Gold rises 5.5 pct following spike in volume on Wednesday, with traders citing arbitrage buying after announcement of special dividend on Dec 10

** Co will pay $500 mln (16.5 cents per share) to shareholders on Jan 5 who were holders of stock on Dec 19

** Record (LSE: REC.L - news) volumes on Wednesday at nearly 30 times daily average

** Stock opened down 6.5 pct on Thursday before rising 5.5 pct, suggesting dividend arbitrage - where an investor buys stock before ex-div date while buying put options and shifting shares through low-tax country - traders say

Chart: http://link.reuters.com/maw63w

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)