Premium Income Corp T.PIC.A

Alternate Symbol(s): T.PIC.P.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

Premium Income Corp

<< Previous

Bullboard Posts

Next >>

Post by marcroberton Nov 08, 2023 11:51am

90 Views

Post# 35723807

Nav 46 cents, payout 20 cents amonth??

I have other splits but did not know about this one. how can they pay out 20 cents when nav is close to zero - this only happened in 2009 and 2020 as far as i can tell, but huge swings in nav in 2020 up and down. trying to warp my head around how nav of A shares is calculated

the current situation may be prolonged and not a short term crisis, so can they continue to pay, will they have to do a revese split? would they have to then issue sell shares to keep the number of prefs in balance?

i dont see what the nav is based on how it correlates to the portfolio.

<< Previous

Bullboard Posts

Next >>

Advancing an underexplored area of the Yukon with the same geology as B.C’.s Golden Triangle