Premier Canadian Income Fund

February 03, 2010 16:03 ET

Premier Canadian Income Fund Declares Monthly Distribution

TORONTO, ONTARIO--(Marketwire - Feb. 3, 2010) - Premier Canadian Income Fund (the "Fund") (TSX:GIP.UN), has declared its monthly distribution of C$0.02703 per unit, payable February 26, 2010 to unitholders of record as of February 16, 2010. 

On October 26, 2009, unitholders of the Fund approved a proposal to reposition the Fund and its portfolio and to extend its termination date to December 31, 2014. The Fund's new investment objectives will be (a) to maximize total returns for unitholders including both long-term appreciation in net asset value ("NAV") per unit and distributions; and (b) to pay unitholders monthly distributions in an amount targeted to be 6.5% per annum on the NAV of the Fund. The Fund will invest in a portfolio principally consisting of common shares selected from the energy, financial and materials sectors of the S&P/TSX 60 Index. In addition, the Fund may invest up to 20% of its net assets in equity securities of issuers selected from the S&P/TSX 60 Composite Index.

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. 

Unitholders of Premier Canadian Income Fund may elect to have their distributions re-invested into additional units by enrolling in the Fund's distribution reinvestment plan. Unitholders may enroll in the plan by contacting their investment advisor.

The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. Fund units are listed on The Toronto Stock Exchange under the symbol GIP.UN.

Distribution Details :  
Distribution per Unit: $0.02703
Payable Date: February 26, 2010
Record Date: February 16, 2010
Ex-Dividend Date: February 11, 2010

A member of the Mulvihill Capital Management Inc. Group of Funds.

Contact Information

  • Premier Canadian Income Fund
    Investor Relations
    416.681.3966 or Toll Free: 1.800.725.7172