{"id":49075,"date":"2018-01-14T21:23:00","date_gmt":"2018-01-15T02:23:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49075"},"modified":"2025-08-05T21:24:33","modified_gmt":"2025-08-06T01:24:33","slug":"sbc-pr-a-semi-annual-report-17h1","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49075","title":{"rendered":"SBC.PR.A Semi-Annual Report 17H1"},"content":{"rendered":"<p>Brompton Split Banc Corp. has released its <a href=\"http:\/\/www.bromptongroup.com\/static\/pdf\/sbc_2017_interim.pdf\">Semi-Annual Report to June 30, 2017<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: &#8220;The MER per Class A share, excluding Preferred share distributions (which were covered by the portfolio\u2019s dividend income), was 1.64% for the first six months of 2017 compared to 1.77% for 2016. The MER per unit, excluding Preferred share distributions, was 0.94% for the first six months of 2017 and 0.99% for 2016. This ratio is more representative of the ongoing efficiency of the administration of the Fund.&#8221;<\/p>\n<p>Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $172.0-million, compared to $183.1-million on June 30, however &#8220;On April 6, 2017, the Fund announced the split of its Class A shares (\u201cShare Split\u201d) and the concurrent private placement of Preferred shares (\u201cPrivate Placement\u2019) effective April 25, 2017. Pursuant to the Private Placement, 1,382,784 Preferred shares were offered to investors at a price of $10.03 per Preferred share.&#8221; So instead of giving equal weight to the beginning and end figures, we&#8217;ll assign a two-thirds weight to the year-end figure to arrive at a weighted average of $175.7-million. <\/p>\n<p>Distributions to preferred shareholders were 1,596,090, at a rate of 0.225, so the average preferred shares outstanding was 7,093,733. The Unit Value was 23.10 at year-end, 22.73 on June 30, average 22.92, for average assets of $162.6-million.<\/p>\n<p>Split the difference between the two methods and say average assets were $169.2-million.<\/p>\n<p>Underlying Portfolio Yield: Semi-annual dividends, interest and security lending income received of 3.412-million divided by average net assets of 169.2-million is 4.03% p.a.<\/p>\n<p>Income Coverage: Gross investment income of 3.412-million less expenses of 1.161-million is Net Investment Income of 2.251-million, divided by Preferred Share Distributions of 1.596-million is 141%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2017. Figures of interest are: MER: &#8220;The MER per Class A share, excluding Preferred share distributions (which were covered by the portfolio\u2019s dividend &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-49075","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49075","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=49075"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49075\/revisions"}],"predecessor-version":[{"id":49076,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49075\/revisions\/49076"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}