Press Release
(For Immediate Release, October 4, 2002)
Toronto, October 4, 2002: Mulvihill Premium Global Telecom (the “Company”) announced today that its board of directors has approved the implementation of the following initiatives designed to more appropriately align the trading prices of the Company’s preferred shares and class A shares with their respective values on retraction. The net asset value as of September 26, 2002 is $12.25 per unit.
· Reinstatement of the Preferred Share Dividend.
The preferred share dividend of $0.20625 per preferred share will be reinstated
for the December 2002 payment date. While the dividend arrears for the
quarter ended September 30, 2002 will remain outstanding, they are cumulative
and the Company will pay such arrears over time.
· Commencement of a Normal Course Issuer Bid.
The Company will also commence, subject to the receipt of the required
regulatory approvals, a normal course issuer bid for the class A shares
and the preferred shares. Under this normal course issuer bid, the Company
will be entitled to purchase up to 10% of its public float over a 12-month
period. The Company will issue a further press release announcing the
commencement of the normal course issuer bid once all regulatory approvals
have been obtained.
For
more information please contact:
John Mulvihill, President & CEO
David Middleton, CFO
Mulvihill Structured Products
Mulvihill Premium Global Telecom
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966 (800) 725-7172
hybrid@mulvihill.com
