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Premium Income Corp T.PIC.A

Alternate Symbol(s):  T.PIC.PR.A

Premium Income Corporation is a split share company. The Fund’s investment objectives are to provide Preferred shareholders with cumulative preferential quarterly cash distributions of $0.215625 per share, representing an annual yield of 5.75% on the original issue price of the Preferred shares; to provide Class A shareholders with quarterly cash distributions of $0.20319 per share, and to return the original issue price to holders of both preferred share and Class A shares upon windup of the Fund. It invests at least 75 % of its net asset value (NAV) in common shares of the Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and The Toronto-Dominion Bank (collectively, the Banks) and also invests up to 25 % of its NAV in common shares of National Bank of Canada. In addition, the Fund may purchase public investment funds, including exchange-traded funds and other Mulvihill Funds. Its investment manager is Mulvihill Capital Management Inc.


TSX:PIC.A - Post by User

Bullboard Posts
Comment by jimmyveeon Dec 01, 2014 10:31am
180 Views
Post# 23180574

RE:RE:Total rate of return is management effective

RE:RE:Total rate of return is management effective
Yes I also don't like the new direction.  On the extension idea, the fund manager can do what ever they like.  By design all voting rights are assigned to a seperate class of shares in this case I think they are called J or K class.  These shares are issued at a par value of $1, 100 shares issued and they control 100% of voting rights.  What this means that if you own the capital or pref shares and you receive a corporate notice of material change what ever you select will have no effect on the outcome.  Case in point, S Split Corp back on September the company anounced the idea of extension, than I was asked to vote on the Idea and of course said NO.  Than in October it was released that the extension was granted but my right to terminate would remain.  Just last week the fund manager announced that they were pulling for retraction over 50% of the outstanding pref shares. That tells me that more than 50% of holders rejected the extension but it did not matter as unit holders have no voting rights.  BTW No unit holders of any Quadravest of Strathbridge Funds have any voting rights.  The funds only ask your imput to keep up the appearance that they are working in your interest.
Bullboard Posts