Premium restructure pays off
After a major off-market buyback during the global financial crisis, Premium Investors has proved its returns are back on track by providing investors with a final dividend of 3.5 cents fully franked.
Chairman Tom Collins (pictured) said providing a strong dividend stream over the past year had been particularly gratifying given the buyback in 2009, which resulted in a 60 per cent reduction in the size of the company.
“During the past two years your board has focused on restructuring the portfolio to a smaller, cost-efficient structure and enhancing the investment process to provide superior benefits to its shareholders,” Collins said in a statement to investors.
Premium Investors is currently trading at around 76 cents compared to its net tangible asset value of 91.6 cents as at 30 June.
Collins said the present unique structure of the company’s investments should assist the maintenance of a sound stream of fully franked dividends in coming years, provided no major deterioration of domestic or global financial markets is experienced.
The dividend record date is 12 August 2011, with a payment date of 9 September 2011.
Recommended for you
Half a year after Count Financial told its advisers to exit several Metrics Credit Partners funds, research house Lonsec has now downgraded two of these products over governance concerns.
Having divested its financial advice business to Fortnum Private Wealth, Australian Unity has shared further details on how it is transforming the wealth arm of the business to focus on investment bonds.
With candidate retention a concern after a professional year, two large licensees have shared how they are structuring their programs to successfully ensure candidates are keen to remain beyond the year.
Evidentia Private has appointed PIMCO’s Haydn Scott as principal for private wealth solutions, focusing on asset consulting and private markets.
