Premium Income Corporation has released its Annual Report to October 31, 2010.
| PIC / PIC.PR.A Performance |
| Instrument |
One
Year |
Three
Years |
Five
Years |
Ten
Years |
| Whole Unit |
+15.07% |
-0.53% |
+3.17% |
+5.56% |
| PIC.PR.A |
+5.88% |
+5.88% |
+5.90% |
+5.97% |
| PIC |
+48.45% |
-7.46% |
+0.30% |
+5.51% |
| S&P/TSX Diversified Banks Index |
+18.52% |
+3.65% |
+8.45% |
+11.27% |
Figures of interest are:
MER: 1.10% of the whole unit value, excluding the special resolution expense (incurred when extending term). With this expense, MER for 2010 was 1.44% – for analytical purposes, I suggest it’s best to amortize this and call the MER 1.17%.
Average Net Assets: We need this to calculate portfolio yield; unfortunately the number of units changesd, which makes it more approximate. The Net Asset Value at year end was $292.34-million, compared to $279.70 a year prior, so call it an average of $286.02-million. Total Preferred Share Distribution was $12.31-million, at $0.86/unit implies an average of $14.31-million units, at an average NAV of (20.56 + 19.15) / 2 = 19.86, so call it $284-million. This is good agreement, call the average NAV $285-million.
Underlying Portfolio Yield: Dividends and interest received of $12.4-million divided by average net assets of 285-million is 4.35%.
Income Coverage: Dividends & Interest of $12.4-million less expenses before resolution costs of $3.5-million is $8.9-million, to cover preferred dividends of $12.3-million is 72%.
This entry was posted on Saturday, March 19th, 2011 at 1:46 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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PIC.PR.A Annual Report
Premium Income Corporation has released its Annual Report to October 31, 2010.
Year
Years
Years
Years
Figures of interest are:
MER: 1.10% of the whole unit value, excluding the special resolution expense (incurred when extending term). With this expense, MER for 2010 was 1.44% – for analytical purposes, I suggest it’s best to amortize this and call the MER 1.17%.
Average Net Assets: We need this to calculate portfolio yield; unfortunately the number of units changesd, which makes it more approximate. The Net Asset Value at year end was $292.34-million, compared to $279.70 a year prior, so call it an average of $286.02-million. Total Preferred Share Distribution was $12.31-million, at $0.86/unit implies an average of $14.31-million units, at an average NAV of (20.56 + 19.15) / 2 = 19.86, so call it $284-million. This is good agreement, call the average NAV $285-million.
Underlying Portfolio Yield: Dividends and interest received of $12.4-million divided by average net assets of 285-million is 4.35%.
Income Coverage: Dividends & Interest of $12.4-million less expenses before resolution costs of $3.5-million is $8.9-million, to cover preferred dividends of $12.3-million is 72%.
This entry was posted on Saturday, March 19th, 2011 at 1:46 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.