Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA

Primary Symbol: PTA

The Funds primary investment objective is high current income. The Funds secondary investment objective is capital appreciation The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.

NYSE:PTA - Post by User

Cohen & Steers Tax-Adv Pref Secs and Inc Fund > 20 to 1 would be better!

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Comment by mrpanickon May 22, 2014 7:11pm

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Post# 22589830

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:20 to 1 would be better!

I meant to say in my prior post that Miller energy had 300 mil in total of preferred stock and debt. Mill common stock is valued at about 225 mil for an eneterprise value of about 500 mil net of cash. Preferred stocks trade near par and they are close to adding a new 100 mil 1st lien credit line. That's on 4,700 boped with production projected to hit 6,000 boepd in a couple of months.
Now compare a typical US company like that to PTA. After the merger it will have about 9,000 boepd. It will have more cash than debt after the merger. Market cap of the merged company will be about 250 mil US. Market cap of the merged PTA is close to a company like Mill despite having almost 2X the production and net cash instead of 300 mil in net debt / preferred stock.
I see many comparisons like this. Then I see Hegemonic questioning whether a company like PTA is underleveraged or can get a credit line. Next he will probably question whether the sky is blue.

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