Premium Income Corporation announces its year-end results

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TORONTO, Jan. 14, 2022 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation today announces its results of operations for the fiscal year ended October 31, 2021. The increase in net assets attributable to holders of Class A shares was $98.5 million or $7.32 per Class A Share. Net assets attributable to holders of Class A Shares were $99.4 million or $7.54 per Class A Share. Cash distributions of 0. $86 per preferred share and $0.73 per Class A share were paid during the year.

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Premium Income Corporation is a mutual fund corporation that invests in a portfolio consisting primarily of common shares of Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada , Royal Bank of Canada and Toronto Dominion Bank. The Fund employs a proprietary investment strategy, Mulvihill Selective Overwriting, to increase portfolio income and reduce volatility.

The Fund’s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The preferred and Class A shares of the Fund are listed on the Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.

Selected financial information: (in millions of dollars)
Statement of financial position 2021
As of October 31
Assets $ 303.4
Passives (204.0 )
Net assets attributable to
Class A shareholders $ 99.4
Statement of comprehensive income
Year ended October 31
Income $ 113.5
Expenses (3.4 )
Operating profit 110.1
Preferred stock distributions (11.6 )
Increase in attributable net assets
to holders of Class A shares $ 98.5

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For more information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com.

John Germain, Senior Vice President and Chief Financial Officer Mulvihill Capital Management Inc.
121 King Street West
Office 2600
Toronto, ON, M5H 3T9
416.681.3966; 1.800.725.7172
www.mulvihill.com
[email protected]

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values ​​change frequently and past performance may not be repeated.

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