Year End Financial Results
Toronto, February 2, 2004: Mulvihill Premium Canadian Bank (the "Company") today announces results for the year ended October 31, 2003. Net realized income before distributions, income taxes, special resolution and Preferred share transactions amounted to $8.1 million or $0.64 per Unit. Net assets were $25.55 per unit net of distributions to shareholders in the amounts of $0.89 per Preferred share, and $1.20 per Class A share..
Each Unit consists of one Class A share and one Preferred share. Distributions to Class A shareholders included additional special distributions of $0.10 for each Class A Share in each of January, April, July and October, 2003. The Companyıs dividend policy on the Class A Shares has been set at an annual rate of $0.80 per Share.
Mulvihill Premium Canadian Bank is a mutual fund corporation, which invests in the common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and the Toronto Dominion Bank. To generate additional returns above the dividend income earned on the portfolio, the Company will from time to write covered call options in respect of all or part of the common shares in the Portfolio. In addition, the Company may write cash covered put options in respect of securities in which the Company is permitted to invest.
The Fundıs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Companyıs Preferred and Class A Shares are listed on The Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A. .
Selected Financial Information : ($ Millions)
Mulvihill Premium Canadian Bank Fund