Canadian Life Companies Split Corp has released its Semi-Annual Report to May 31, 2014.
Figures of interest are:
MER: 1.43% of the whole unit value, “presented to reflect the normal operating expenses of the Company excluding
any one time secondary offering expenses.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $190.0-million, compared to $199.9-million on May 31, so call it an average of $195.0-million. Preferred share dividends of $4,229,154 were paid over the half year at 0.625 p.a., implying average units outstanding of 13.53-million, at an average NAVPU of about $14.05, implies $190.2-million. That’s reasonably good agreement! Say the Average Net Assets are $192.6-million.
Underlying Portfolio Yield: Income received of $2,871,701 divided by average net assets of $194.7-million, multiplied by two because it’s semiannual is 2.98%.
Income Coverage: Net investment income of $1,873,801 (after adding back warrant subscription fees) divided by preferred share dividends of $4,229,154 is a rather low 44% – but consistent with the figure for 2013.
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LFE.PR.B Semi-Annual Report 2014
Canadian Life Companies Split Corp has released its Semi-Annual Report to May 31, 2014.
Figures of interest are:
MER: 1.43% of the whole unit value, “presented to reflect the normal operating expenses of the Company excluding
any one time secondary offering expenses.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $190.0-million, compared to $199.9-million on May 31, so call it an average of $195.0-million. Preferred share dividends of $4,229,154 were paid over the half year at 0.625 p.a., implying average units outstanding of 13.53-million, at an average NAVPU of about $14.05, implies $190.2-million. That’s reasonably good agreement! Say the Average Net Assets are $192.6-million.
Underlying Portfolio Yield: Income received of $2,871,701 divided by average net assets of $194.7-million, multiplied by two because it’s semiannual is 2.98%.
Income Coverage: Net investment income of $1,873,801 (after adding back warrant subscription fees) divided by preferred share dividends of $4,229,154 is a rather low 44% – but consistent with the figure for 2013.
This entry was posted on Sunday, August 10th, 2014 at 11:16 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.