Premium Income Corporation Preferred Share Rate Increase and Change to Monthly Distribution
TORONTO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- (TSX: PIC.PR.A) Premium Income Corporation (the “Fund”) is pleased to announce the Preferred Share distribution rate for the fiscal year beginning November 1, 2024, will increase to 8.50% from 5.75% on their $15.00 redemption value and will move to paying a monthly distribution from a quarterly distribution. Monthly distributions will be $0.10625 per share or $1.275 per share per annum.
Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs an active covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.
The investment portfolio of the Fund is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com
| John Germain, Senior Vice-President & CFO |
Mulvihill Capital Management Inc. 121 King Street West Suite 2600 Toronto, Ontario, M5H 3T9 |
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You will usually pay brokerage fees to your dealer if you purchase or sell shares of the Fund on the TSX. If the shares are purchased or sold on the TSX, investors may pay more than the current net asset value when buying and may receive less than current net asset value when selling them. There are ongoing fees and expenses associated with owning shares of the Fund. An investment fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
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