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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

Comment by Donwaanon Oct 10, 2024 4:35pm
59 Views
Post# 36261703

RE:Special Retraction Price and what it means

RE:Special Retraction Price and what it meansDepending on the number of preferred shares that are retracted under the special retraction right, the fund 'may' have to consolidate the Class A shares to ensure an equal number of Class A shares and preferred shares remain outstanding. (In the event of an A share consolidation the A share distribution would effectively be reduced proportionately as it was in 2010. The Class A shares were consolidated on November 1, 2010 on the basis of 0.738208641 new share for each old share resulting in a higher net asset value per share.)
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