Dividend 15 Split Corp. II has released its Semi-Annual Report to May 31, 2014.
Figures of interest are:
MER: 1.30% of the whole unit value, “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 $115.6-million, compared to $153.2-million on May 31, so call it an average of $134.4-million. Preferred share dividends of $1,997,813 were paid over the half year at 0.525 p.a., implying average units outstanding of 7.61-million, at an average NAVPU of about $16.7, implies $127.1-million. That’s reasonably good agreement! Say the Average Net Assets are $130.8-million.
Underlying Portfolio Yield: Income received of $1,969,925 divided by average net assets of $130.8-million, multiplied by two because it’s semiannual is 3.01%.
Income Coverage: Net investment income of $1,104,941 divided by preferred share dividends of $1,997,813 is 55%.
Note that both the calculated portfolio yield and the income coverage are less than what was calculated according to the 2013 Annual Report; there may have been a delay in investing the proceeds of their issuance. We will have to wait and see what the 2014 Annual Report brings.
This entry was posted on Sunday, August 10th, 2014 at 10:14 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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DF.PR.A Semi-Annual Report
Dividend 15 Split Corp. II has released its Semi-Annual Report to May 31, 2014.
Figures of interest are:
MER: 1.30% of the whole unit value, “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 $115.6-million, compared to $153.2-million on May 31, so call it an average of $134.4-million. Preferred share dividends of $1,997,813 were paid over the half year at 0.525 p.a., implying average units outstanding of 7.61-million, at an average NAVPU of about $16.7, implies $127.1-million. That’s reasonably good agreement! Say the Average Net Assets are $130.8-million.
Underlying Portfolio Yield: Income received of $1,969,925 divided by average net assets of $130.8-million, multiplied by two because it’s semiannual is 3.01%.
Income Coverage: Net investment income of $1,104,941 divided by preferred share dividends of $1,997,813 is 55%.
Note that both the calculated portfolio yield and the income coverage are less than what was calculated according to the 2013 Annual Report; there may have been a delay in investing the proceeds of their issuance. We will have to wait and see what the 2014 Annual Report brings.
This entry was posted on Sunday, August 10th, 2014 at 10:14 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.