Premium Income Corporation Announces Semi-Annual Results
June 13 2014 - 4:03PM
Marketwired
Premium Income Corporation Announces Semi-Annual Results
TORONTO, ONTARIO--(Marketwired - Jun 13, 2014) - (TSX:PIC.A)
(TSX:PIC.PR.A) Premium Income Corporation today announces results
of operations for the six months ended April 30, 2014. Net income
for the period was $12.4 million or $1.27 per Class A share. Net
assets per Unit were $22.81 as at April 30, 2014 after cash
distributions of $0.43 per Preferred share and $0.41 per Class A
share during the period. Each Unit consists of one Class A share
and one Preferred Share.
Premium Income
Corporation is a mutual fund corporation, which invests in the
common shares of Bank of Montreal, The Bank of Nova Scotia,
Canadian Imperial Bank of Commerce, Royal Bank of Canada, and the
Toronto Dominion Bank. The Fund employs a proprietary investment
strategy, Strathbridge Selective Overwriting, to enhance the income
generated by the Portfolio and to reduce volatility. In addition,
the Fund may write cash covered put options in respect of
securities in which it is permitted to invest.
Selected Financial Information: ($ Millions) |
|
Statement of Operations |
For the six months ended April 30, 2014
(Unaudited) |
|
Revenue |
$ |
4.5 |
|
Expenses |
|
(1.3 |
) |
Preferred Share Distributions |
|
(4.2 |
) |
|
|
|
|
Net Investment Loss |
$ |
(1.0 |
) |
|
|
|
|
Net Gain on Investments |
|
13.4 |
|
|
|
|
|
Net Income for the Period |
$ |
12.4 |
|
For further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.strathbridge.com.
Strathbridge Asset Management Inc.Aaron HoVice-President,
Finance416.681.3966; 1.800.725.7172Strathbridge Asset Management
Inc.121 King Street West, Suite 2600Toronto, Ontario, M5H
3T9416.681.3966;
1.800.725.7172info@strathbridge.comwww.strathbridge.com
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