PIC.PR.A To Get Bigger

Jun 03 22:06 2019 Print This Article

Strathbridge Asset Management Inc. has announced:

Premium Income Corporation (the “Fund”) is pleased to announce that it is undertaking an overnight treasury offering of Preferred Shares and Class A Shares.

The sales period for the overnight offering will end at 9:00 am EST tomorrow, June 4, 2019. The offering is expected to close on or about June 11, 2019 and is subject to certain conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $14.75 per Preferred Share to yield 5.94% and the Class A Shares will be offered at an indicative price of $6.45 per Class A Share to yield 12.6%. The trading price on the TSX for each of the Preferred Shares and Class A Shares as at 2:30pm EST on June 3, 2019 was $14.78 and $6.63, respectively.

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About Article Author

PrefBlog

PrefBlog is presented as a public service by Hymas Investment Management Inc., Manager / Trustee of Malachite Aggressive Preferred Fundand publisher of PrefLetter, a monthly newsletter directed towards long term buy-and-hold retail investors. James Hymas, president of Hymas Investment Management Inc, with years of experience designing quantitative investment technology and applying this technology to conservative portfolios, seeks to provide institutions and retail investors with the information and advice necessary to produce top quartile returns in the preferred share market without the assumption of excess risk.

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