Mulvihill Capital Management Inc.

Mulvihill Capital Management Inc.
Mulvihill Premium Global Telecom

Mulvihill Premium Global Telecom

February 11, 2005 07:55 ET

Mulvihill Premium Global Telecom Fund Announces Semi-Annual Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MULVIHILL PREMIUM GLOBAL TELECOM

TSX SYMBOL: GT.A
TSX SYMBOL: GT.PR.A

FEBRUARY 11, 2005 - 07:55 ET

Mulvihill Premium Global Telecom Fund Announces
Semi-Annual Results

TORONTO, ONTARIO--(CCNMatthews - Feb. 11, 2005) - Mulvihill Premium
Global Telecom Fund (TSX:GT.A)(TSX:GT.PR.A) (the "Fund") announces
results for the period ended December 31, 2004. Net loss before
preferred share distributions amounted to $(0.6) million or $(0.19) per
Unit. Net asset value per Unit was $12.39. Distributions to Preferred
shareholders for the period amounted to $1.2 million or $0.41 per
Preferred Share.

Each Unit consists of one Class A share and one Preferred share.
Preferred share distributions are cumulative at a rate of 5.5% of their
par value of $15.00. The investment objectives of the Fund are (i) to
provide holders of Preferred shares with cumulative preferential
quarterly cash dividends; (ii) to return the original issue price to
holders of Preferred shares at the time of redemption of such shares on
July 2, 2008; and (iii) to provide holders of Class A shares with the
benefit of any capital appreciation in the value of the Portfolio over
the amount required to be paid to holders of Preferred shares on July 2,
2008 and with annual cash dividends equal to the amount, if any, by
which the net realized capital gains, dividends and option premiums
(other than option premiums in respect of options outstanding at year
end) earned on the Portfolio in any year, net of expenses, taxes and
loss carry forwards, exceed the amount of the dividends paid on
Preferred Shares.

The Fund is a mutual fund corporation, which invests its net assets in a
diversified portfolio consisting principally of common shares issued by
corporations within the Fund's Global Telecom Universe. To generate
additional returns above the dividend income earned on the portfolio,
the Fund 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 Fund
may write cash covered put options in respect of securities in which the
Fund is permitted to invest.

The Fund's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. The Fund's Preferred and Class A
shares are listed on The Toronto Stock Exchange under the symbols
GT.PR.A and GT.A.



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Selected Financial Information: ($ Millions)
-----------------------------------------------------
Statement of Operations (Unaudited)
For the period ended December 31, 2004

Revenue $ 0.4
Net Realized Losses (0.7)
Less: Expenses (0.3)
--------

Net Realized Loss before Preferred $ (0.6)
Share Distributions
----------------------------------------------------


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Mulvihill Structured Products
    John Mulvihill
    President & CEO
    (416) 681-3966
    or
    Mulvihill Structured Products
    Bruce Graham
    Vice President
    (416) 681-3966 or (800) 725-7172
    www.mulvihill.com
    hybrid@mulvihill.com
    A member of the Mulvihill Capital Management Inc. Group