Mulvihill
Structured Products
Mulvihill Premium Global Telecom Fund
GT.A
GT.PR.A
Announces Semi-Annual Results
Toronto,
February 13, 2004: Mulvihill Premium Global Telecom Fund (the “Fund”)
announces results for the period ended December 31, 2003. Net income before income taxes
and
preferred share distributions amounted to $0.9 million or $0.31 per Unit. Net asset value
per
Unit was $12.48. Distributions to
Preferred shareholders for the period amounted to $1.2
million
or $0.41 per Preferred Share.
Each
Unit consists of one Class A share and one Preferred share. Preferred share distributions
are
cumulative at a rate of 5.5% of their par value of $15.00. The investment objectives of
the
Fund are (i) to provide holders of Preferred shares with cumulative
preferential quarterly
cash
dividends; (ii) to return the original issue price to holders of Preferred
shares at the time
of
redemption of such shares on July 2, 2008; and (iii) to provide holders of
Class A shares
with
the benefit of any capital appreciation in the value of the Portfolio over the
amount
required
to be paid to holders of Preferred shares on July 2, 2008 and with annual cash
dividends
equal to the amount, if any, by which the net realized capital gains, dividends
and
option
premiums (other than option premiums in respect of options outstanding at year
end)
earned
on the Portfolio in any year, net of expenses, taxes and loss carry forwards,
exceed the
amount
of the dividends paid on Preferred Shares.
The
Fund is a mutual fund corporation, which invests its net assets in a
diversified portfolio
consisting
principally of common shares issued by corporations within the Fund’s Global
Telecom
Universe. To generate additional
returns above the dividend income earned on the
portfolio,
the Fund may from time to time, write covered call options in respect of all or
part of
the
common shares in the portfolio. In
addition, the Fund may write cash covered put options
in
respect of securities in which the Fund is permitted to invest.
The
Fund’s investment portfolio is managed by its investment manager, Mulvihill
Capital
Management
Inc. The Fund’s Preferred and Class A
shares are listed on The Toronto Stock
Exchange
under the symbols GT.PR.A and GT.A.
Selected
Financial Information: ($ Millions) Statement of Operations (Unaudited) For the period ended December 31, 2003 Net Realized Gains 1.3 Less:
Expenses (0.4) Net Income before Income Taxes $ 0.9 and Preferred Share Distributions
For further information, contact:
John
Mulvihill, President & CEO Bruce
Graham, Vice President Mulvihill Structured Products
For
Immediate Release , February 13, 2004 |
A member of the Mulvihill Capital
Management Inc. Group
Mulvihill Premium Global Telecom Fund
121
King Street West
Suite 2600
Toronto, Ontario
M5H 3T9
(416) 681-3966
(800) 725-7172
hybrid@mulvihill.com