Third Canadian General Investment Trust Limited

Third Canadian General Investment Trust Limited

July 18, 2007 16:32 ET

Third Canadian General Investment Trust Limited Reports June 30, 2007 Interim Results

TORONTO, CANADA--(Marketwire - July 18, 2007) - Third Canadian General Investment Trust Limited (Third Canadian) (TSX:THD) continues to have strong performance in 2007. Net asset value per share (NAV) returns, with dividends reinvested, for the six and twelve month periods ended June 30, 2007 were 5.9% and 22.9%, respectively. By comparison, the returns of the benchmark S&P/TSX Composite Total Return Index for the same periods were 9.1% and 22.7%. Third Canadian's market return for shareholders was 11.6% year to date and 28.3% over the twelve months to June 30, 2007.

Net assets at June 30, 2007 were $283,484,000, an increase of 5.6% from the 2006 year-end value of $268,433,000. This increase can be largely attributable to the year-to-date market value return of 11.1% in its non-principal asset segment. The corresponding NAVs at June 30, 2007 and December 31, 2006 were $58.99 and $55.85.

At the beginning of June, Third Canadian subscribed in full to a one-for-one rights issue for common shares by one of its principal holdings, Canadian World Fund Limited, the top performing actively managed closed-end equities fund in Canada for 2006. This transaction had a nominal impact on the overall composition of the portfolio, as principal assets represented 64.6% of the investment portfolio at June 30, 2007, down from 65.4% at the end of 2006.

During each of the first two quarters of both 2007 and 2006, 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 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,
2007 2006
Net investment income for the period 808 940
Net gain on investments 14,011 15,431
----------- -----------
Increase in net assets resulting from operations 14,819 16,371
Increase in net assets resulting from operations
- per share 3.08 3.41

As at
June 30, December 31,
2007 2006

Selected data
Net assets 283,484 268,433
NAV 58.99 55.85

Selected data according to GAAP (1)
GAAP net assets 281,480 268,433
GAAP NAV 58.57 55.85

(1) Calculated in accordance with Canadian generally accepted accounting principles (GAAP). Whereas fair value for Canadian GAAP was previously based on the last traded price of the day, when available, Section 3855 of the CICA Handbook, which applies to the Company's fiscal year ending December 31, 2007 requires that the fair value of financial instruments which are traded in active markets be measured based on the last bid price for the securities. However, currently this method is only applicable to the reported value of the Company's investments as reported in the interim and annual financial statements.

Contact Information