Partners Value Split Corp. has released its Annual Report to September 30, 2013.
The company commented on its change of name:
During the year, the Company changed its name from BAM Split Corp. to Partners Value Split Corp. The name change was undertaken as part of our re-branding initiative to align with the holder of the Company’s Class A Voting Shares and Capital Shares, Partners Value Fund Inc.
The company has the following issues outstanding: BNA.PR.B, BNA.PR.C, BNA.PR.D, BNA.PR.E.
Figures of interest are:
MER: I suggest it is best to include the amortization of share issue costs in MER – after all, this is a charge against the stated value of the company. Therefore, expenses were $403,000 (regular expenses) + $1,421,000 (amortization) = $1,824,000 on assets of $1.925-billion (see below) or 9bp.
Average Net Assets: We need this to calculate portfolio yield and MER. There were negligible capital transactions, so we’ll just take the average of the beginning and end of year assets (including preferred shares) so: [(1,113,857 + 688,259) + (1,359,110 + 689,627)]/2 = $1.925-billion
Underlying Portfolio Yield: Total Income of $31.2-million divided by average net assets of $1,925-million is 1.6%.
Income Coverage: Net income of $30.758-million less amortization of $1.421-million is $29.337-million to cover senior preferred dividends of $26.000-million is 113%. However, I consider it prudent to include the $10-million stated entitlement of the Junior preferreds, even though less than half of this was actually paid in 2013 because the Juniors can be retracted at any time, which could prove embarrassing in times of extreme stress. So I’d say income coverage is 81%.
This entry was posted on Sunday, December 15th, 2013 at 8:12 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BNA Annual Report, 2013
Partners Value Split Corp. has released its Annual Report to September 30, 2013.
The company commented on its change of name:
The company has the following issues outstanding: BNA.PR.B, BNA.PR.C, BNA.PR.D, BNA.PR.E.
Figures of interest are:
MER: I suggest it is best to include the amortization of share issue costs in MER – after all, this is a charge against the stated value of the company. Therefore, expenses were $403,000 (regular expenses) + $1,421,000 (amortization) = $1,824,000 on assets of $1.925-billion (see below) or 9bp.
Average Net Assets: We need this to calculate portfolio yield and MER. There were negligible capital transactions, so we’ll just take the average of the beginning and end of year assets (including preferred shares) so: [(1,113,857 + 688,259) + (1,359,110 + 689,627)]/2 = $1.925-billion
Underlying Portfolio Yield: Total Income of $31.2-million divided by average net assets of $1,925-million is 1.6%.
Income Coverage: Net income of $30.758-million less amortization of $1.421-million is $29.337-million to cover senior preferred dividends of $26.000-million is 113%. However, I consider it prudent to include the $10-million stated entitlement of the Junior preferreds, even though less than half of this was actually paid in 2013 because the Juniors can be retracted at any time, which could prove embarrassing in times of extreme stress. So I’d say income coverage is 81%.
This entry was posted on Sunday, December 15th, 2013 at 8:12 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.