RE: Question to boardPart of the reason is they rely very heavily on capital gains to pay their dividend. As shown from their latest semi-annual report :
Total revenue 0.44
Total expenses (0.14)
DISTRIBUTIONS
Preferred Share
From capital gains (0.04)
From taxable income (0.39)
This shows their net income is 30 cents and they are paying 43 cents to their PREFERRED shareholders. That is to say there is not even enough net income (excluding capital gains and options gains)to pay the preferred's let along the capital shares.
However, when you throw in the capital gains and gains from their option trading they can meet both preferred and capital share payments.
The fact that the extra income from the capital gains and option trading may not always be there, may be the reason for the stock not trading higher.
Mind you, they having been meeting their 30 cents per quarter payment to the capital shares for well over ten years - an excellent record.
Cheers
Alder