Mulvihill Premium Canadian Bank
TSX : PIC.PR.A
TSX : PIC.A

Mulvihill Premium Canadian Bank

December 21, 2006 10:23 ET

Mulvihill Premium Canadian Bank Announces Year End Results

TORONTO, ONTARIO--(CCNMatthews - Dec. 21, 2006) - Mulvihill Premium Canadian Bank (the "Company") (TSX:PIC.A) (TSX:PIC.PR.A) today announces results for the year ended October 31, 2006. Net realized income before Preferred share transactions amounted to $43.7 million or $2.29 per Unit. Net assets were $26.41 per unit net of distributions to shareholders in the amounts of $0.88 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, 2006. The Company's 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 Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Company's Preferred and Class A Shares are listed on The Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A.



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Selected Financial Information : ($ Millions)
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Statement of Net Assets 2006
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Assets $ 504.3
Liabilities 288.0
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Net Assets (Unitholders Equity) $ 216.3

Statement of Financial Operations
Income $ 16.3
Expenses (5.4)
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Net Investment Income $ 10.9

Net Gain on Investments 32.8
Net Realized Income Before
Preferred Share Transactions $ 43.7
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A member of the Mulvihill Capital Management Inc. Group of Funds

Contact Information

  • Mulvihill Structured Products
    John Mulvihill
    President & CEO
    (416) 681-3966 or (800) 725-7172
    or
    Mulvihill Structured Products
    Donald Biggs
    Senior Vice President
    (416) 681-3966 or (800) 725-7172
    Email: hybrid@mulvihill.com
    Website: www.mulvihill.com