Press Release
Year
End Financial Results
(For Release 4 p.m.
EDT, November 4, 1999)
Toronto, November 4, 1999: Global Telecom Split Share Corp. (the "Company") announces results for the year ended June 29, 1999. Net income before distributions amounted to $19.5 million or $3.67 per Unit. Net asset value per Class A Share was $16.86. Distributions to shareholders for the year amounted to $4.6 million to Preferred shareholders or $0..8793 per Preferred Share, and $12.3 million to Class A shareholders or $2.50 per Class A Share which included a $1.30 special distribution.
Each Unit consists of one Class A Share and one Preferred Share. Preferred Shares receive dividends at a rate of 5.5% of their par value of $15.00. The Companyıs dividend policy on the Class A Shares has been set at a rate of $1.20 per Share, payable quarterly in the amount of $0.30, equivalent to 8% based on the Class A Shares initial public offering price of $15.00.
The Company is a mutual fund corporation which invests its net assets in a diversified portfolio consisting principally of common shares issued by corporations within the Company's Global Telecom Universe. To generate additional returns above the dividend income earned on the portfolio, the Company will from time to time, write covered call options in respect of all or part of the common shares in the Portfolio.
The Companyıs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The companyıs Preferred and Class A shares are listed on The Toronto Stock Exchange and the Montreal Exchange under the symbols GT.PR.A and GT.A.
Selected
Financial Information: ($ Millions)
Statement of Operations
(Audited)
For
the year ended June 29, 1999
|
$ 2.8 |
|
19.3 |
| Less: Expenses | 2.6 |
Net Income before Distributions |
$ 19.5 |
For further
information, contact:
John Mulvihill, President & CEO, Mulvihill Capital Management
Donald Biggs, Vice President, Mulvihill Capital Management
Global Telecom Split Share Corp.
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966 (800) 725-7172
premium@mulvihill.com
www.mulvihill.com
