Premium Income Corporation Announces Semi-Annual Results
June 19 2020 - 4:01PM
(TSX: PIC.A; PIC.PR.A) Premium Income Corporation
(the “Fund”) announces results of operations for the six months
ended April 30, 2020. Decrease in net assets attributable to
holders of Class A shares amounted to $67.0 million or $4.98 per
Class A share. Net assets attributable to holders of Class A shares
as at April 30, 2020 were $5.5 million or $0.41 per Class A share.
Cash distributions of $0.43 per Preferred share and $0.30 per Class
A share were paid during the period.
Premium Income Corporation is a mutual fund
corporation, which invests in a portfolio consisting principally of
common shares of Bank of Montreal, The Bank of Nova Scotia,
Canadian Imperial Bank of Commerce, National Bank of Canada, Royal
Bank of Canada, and the Toronto Dominion Bank. The Fund employs a
proprietary investment strategy, Strathbridge Selective
Overwriting, to enhance the income generated by the portfolio and
to reduce volatility. In addition, the Fund may write cash covered
put options in respect of securities in which it is permitted to
invest.
The investment portfolio of the Fund is managed by
its investment manager, Strathbridge Asset Management Inc. The
Fund’s Preferred and Class A shares are listed on Toronto Stock
Exchange under the symbols PIC.PR.A and PIC.A respectively.
Selected Financial Information: ($ Millions) |
|
|
|
|
Statement of Comprehensive Income For the
Six Months ended April 20, 2020 (Unaudited) |
|
|
|
|
|
|
|
|
|
Loss (including Net Loss on Investments) |
$ |
(59.6 |
) |
|
Expenses |
|
(1.6 |
) |
|
|
|
|
|
|
Operating Loss |
$ |
(61.2 |
) |
|
Preferred Share Distribution |
$ |
(5.8 |
) |
|
|
|
|
|
|
Decrease in Net Assets Attributable to Holders of Class A
Shares |
$ |
(67.0 |
) |
|
|
|
|
|
|
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;
1.800.725.7172 |
Commissions, trailing commissions, management
fees and expenses all may be associated with investment funds.
Please read the prospectus before investing. Investment funds are
not guaranteed, their values change frequently and past performance
may not be repeated.
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