Premium Income Corporation Reports Unaudited Earnings Results for the Six Months Ended April 30, 2012
June 19, 2012 at 06:30 pm IST
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Premium Income Corporation reported unaudited earnings results for the six months ended April 30, 2012. For the period, the company reported net investment income before distributions amounted to $3.1 million or $0.33 per unit. Net asset value per Class A share was $6.38 as at April 30, 2012. Distributions to shareholders were amounted to $4.1 million to preferred shareholders or $0.43 per preferred share, and $3.9 million to Class A shareholders or $0.41 per Class A share. Revenue was $4.3 million, net investment loss of $1.0 million, realized and unrealized gain on investments of $10.3 million, net income of $9.3 million.
Premium Income Corporation is a split share company. The Fundâs 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.
PREMIUM INCOME CORPORATION 
