Premium Income Corporation Announces Year End Results
January 09 2020 - 4:01PM
(TSX: PIC.A; PIC.PR.A) Premium Income Corporation
today announces results of operations for the fiscal year ended
October 31, 2019. Increase in net assets attributable to
holders of Class A shares amounted to $10.2 million or $0.86 per
Class A share. Net assets attributable to holders of Class A shares
were $76.6 million or $5.70 per Class A share. Cash distributions
of $0.86 per Preferred share and $0.81 per Class A share were paid
during the year.
Premium Income Corporation is a mutual fund
corporation, which invests in a portfolio consisting principally of
common shares of Bank of Montreal, The Bank of Nova Scotia,
Canadian Imperial Bank of Commerce, National Bank of Canada, Royal
Bank of Canada, and the Toronto Dominion Bank. The Fund employs a
proprietary investment strategy, Strathbridge Selective
Overwriting, to enhance the income generated by the portfolio and
to reduce volatility.
The investment portfolio of the Fund is managed by
its investment manager, Strathbridge Asset Management Inc. The
Fund’s Preferred and Class A shares are listed on the Toronto Stock
Exchange under the symbols PIC.PR.A and PIC.A respectively.
Selected Financial Information: ($
Millions) |
|
|
|
Statement of Financial Position |
|
2019 |
As at October 31 |
|
|
Assets |
$ |
278.9 |
Liabilities |
|
(202.3) |
Net Assets Attributable to Holders of Class A Shares |
$ |
76.6 |
|
|
|
Statement of Comprehensive Income |
|
|
Year ended October 31 |
|
|
Income |
$ |
23.6 |
Expenses |
|
(3.1) |
Operating Profit |
|
20.5 |
Preferred Share Distributions |
|
(10.3) |
Increase in Net Assets Attributable to Holders of Class A
Shares |
$ |
10.2 |
For further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.strathbridge.com.
John Germain, Senior Vice President & CFO |
Strathbridge Asset Management Inc.121 King Street
WestSuite 2600Toronto, Ontario, M5H 3T9416.681.3966;
1.800.725.7172www.strathbridge.com info@strathbridge.com |
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