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

Premium Income Corp > Announcement

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Comment by oldbrit34on Oct 27, 2024 10:11pm

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Post# 36284406

RE:RE:Announcement

A 20% haircut to the dividend usually means some selling pressure when the deal takes place on November 12th. Thus we could expect to see the share price fall , but by how much depends on how much people are unhappy with this dividend cut. Going from quarterly to monthly may help the price somewhat. I notice that Mulvihill said. " they were pleased to announce " . First time ever I have seen a company pleased to announce a dividend cut.

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