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.

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Cohen & Steers Tax-Adv Pref Secs and Inc Fund > The Facts about PTA (to Ingiboy and the new shareholders)

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Comment by HedgieTdoton Sep 30, 2014 1:15pm

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Post# 22983099

RE:RE:RE:RE:The Facts about PTA (to Ingiboy and the new shareholders)

Oil pricing and cash flow: netback of $59 in Q2 on $105 sales in a $105 brent environment. Q3 brent is $95...netback will be more like $50... but they layered on higher fixed costs with the acquisition, so their netback will be compressed below 50 into the high 40's. Plus production was interrupted.
Cash on hand: oft toutet as so great, but most of it is committed to wells, and needed for the bond refinancing. nobody has been lining up to refinance those bonds with other money, and if PTA spends it before refinancing, they're essentially walking the company out onto a plank and hoping the sharks aren't circling. what type of bank offers refinancing of bond loans against the most frequently interrupted field in Colombia and a declining non-operated asset with Parex? None.

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