Press Release
Announces
Year End Results
(For Release 4 p.m.
EDT, April 1, 2002)
Toronto, April 1, 2002: Mulvihill Premium Split Share Fund (the "Company") announces results for the year ended January 31, 2002. Net income before distributions amounted to $9.5 million or $0.48 per unit. Net asset value per Class A Share decreased from $14.57 to $12.59. Distributions to Shareholders in the year amounted to $2.8 million to Preferred shareholders or $0.8620 per Preferred share, and $4.9 million to Class A shareholders or $1.50 per Class A share which included special distributions of $0.10 per unit for each of April, July 2001 and January 2002 respectively.
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 Company's dividend policy on Class A shares has been set at a rate of $1.20 per share, equivalent to 8% based on the Class A shares initial public offering price of $15.00.
The Company is a mutual fund corporation which invests its net assets in a diversified portfolio consisting principally of common shares issued by some or all of a group selected from the TSE 300 Index. In order to meet its investment objectives, the Company may, from time to time invest up to 20% of the cost amount of its assets in common shares issued by corporations selected from the Standard & Poor's 100 Index. To generate additional returns above the dividend income earned on the portfolio, the Company may from time to time, write covered call options in respect of all or part of the common shares in the Portfolio. In addition, the Company may write cash covered put options in respect of securities in which the company is permitted to invest.
The Company's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc.. The Company's Preferred and Class A shares are listed on The Toronto Stock Exchange under the symbols MUH.PR.A and MUH.A.
Selected Financial
Information:
($ millions)
| Statement of Net Assets | 2001 | |
| Assets | $ 92.1 | |
| Liabilities | 50.6 | |
| Net
Assets (Unitholders Equity) |
$ 41.5 | |
| Statement of Financial Operations | ||
| Income | $ 3.0 | |
| Expenses | 1.5 | |
| Net Investment Income | 1.5 | |
| Net Realized Gains | 8.0 | |
| Net Income Before Distributions | $ 9.5 | |
For further
information, contact:
John Mulvihill, President & CEO, Mulvihill Capital Management
Donald Biggs, Vice President, Mulvihill Capital Management
MCM
Split Share Corp.
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966 (800) 725-7172
premium@mulvihill.com
