{"id":26042,"date":"2014-08-10T23:16:53","date_gmt":"2014-08-11T04:16:53","guid":{"rendered":"http:\/\/prefblog.com\/?p=26042"},"modified":"2014-08-10T23:16:53","modified_gmt":"2014-08-11T04:16:53","slug":"lfe-pr-b-semi-annual-report-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26042","title":{"rendered":"LFE.PR.B Semi-Annual Report 2014"},"content":{"rendered":"<p>Canadian Life Companies Split Corp has released its <a href=\"http:\/\/lifesplit.com\/pdf\/LFE_semi14-12.pdf\">Semi-Annual Report to May 31, 2014<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: 1.43% of the whole unit value, &#8220;presented to reflect the normal operating expenses of the Company excluding<br \/>\nany one time secondary offering expenses.&#8221;<\/p>\n<p>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&#8217;s reasonably good agreement! Say the Average Net Assets are $192.6-million.<\/p>\n<p>Underlying Portfolio Yield: Income received of $2,871,701 divided by average net assets of $194.7-million, multiplied by two because it&#8217;s semiannual is 2.98%.<\/p>\n<p>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% &#8211; but consistent with the <a href=\"http:\/\/prefblog.com\/?p=24711\">figure for 2013<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, &#8220;presented to reflect the normal operating expenses of the Company &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-26042","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26042"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26042\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}