Third Canadian General Investment Trust Limited

Third Canadian General Investment Trust Limited

July 16, 2009 16:32 ET

Third Canadian General Investment Trust Limited Reports June 30, 2009 Interim Results

TORONTO, CANADA--(Marketwire - July 16, 2009) - Third Canadian General Investment Trust Limited's (Third Canadian) (TSX:THD) net asset value per share returns, with dividends reinvested, for the three and six months ended June 30, 2009 were 12.8% and 23.5%, respectively. By comparison, the returns of the benchmark S&P/TSX Composite Index, on a total return basis, for the same periods were 20.0% and 17.6%. Third Canadian's market return for shareholders was 10.4% for the second quarter and 9.4% year to date.

Net asset value at June 30, 2009 was $133,116,000, an increase of 22.7% from the 2008 year-end value of $108,481,000. This increase can be largely attributed to the year-to-date market value return of 34.6% in its principal asset segment. The corresponding net asset values per share at June 30, 2009 and December 31, 2008 were $27.70 and $22.57, respectively.

During each of the first two quarters of both 2009 and 2008, Third Canadian paid regular dividends of $0.075 per share.

Third Canadian, established in 1928, is the second oldest North American listed closed-end fund. The Company's largest holdings are its principal assets, Canadian General Investments, Limited and Canadian World Fund Limited. Its non-principal assets consist of a diverse range of Canadian and foreign securities.


(in thousands of dollars, except per share amounts)

Six Months Ended
June 30, June 30,
2009 2008
Net investment income 936 436
Net gain (loss) on investments 25,247 (34,133)
------ --------
Increase (decrease) in net assets resulting
from operations 26,183 (33,697)
Increase (decrease) in net assets resulting
from operations - per share 5.45 (7.01)

As at
June 30, December 31,
2009 2008
Selected data (1)
Net asset value 133,136 108,481
Net asset value per share 27.70 22.57

Selected data according to GAAP (1)
Net assets 133,062 107,753
Net assets per share 27.69 22.42

(1) The Company calculates the net asset value and net asset value per share
on the basis of the valuation principles set out in its annual
information form. These valuation principles differ from the
requirements of Canadian generally accepted accounting principles
(GAAP), with the main difference relating to securities that are listed
on a public stock exchange. While the Company generally values such
securities based on the latest sale price, GAAP requires the use of the
closing bid price. Accordingly, bid prices are used in determining net
assets and net assets per share for purposes of the interim and annual
financial statements.

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