Capital Gains Income STREAMS: Monthly Distribution Declared For Equity Dividend Share.TORONTO -- The Board of Directors of Capital Gains Income STREAMS ("CG STREAMS") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CGQ CGQ Corporate Governance Quotient )(TSX:CGQ.E) declares its regular monthly distribution of $0.0875 per Equity Dividend Share (TSX:CGQ.E). In accordance with the distribution program described below, there will be no distribution to the Capital Yield Shareholders for the month of November 2005. The Equity Dividend Share distribution will be payable December 9, 2005 to shareholders of record as of November 30, 2005. Holders of Equity Dividend shares continue to receive their regular cumulative monthly fixed distribution of $0.0875 per share. To date Equity Dividend shareholders have received 57 monthly distributions for a total of $4.97 per share inclusive of inclusive of prep. Taking into consideration or account; including. this distribution. The Board of Directors implemented a variable distribution program in July 2002 based on equity market conditions at that time in order to preserve its asset base over the long term. As market conditions have improved and stabilized, the Board expects, effective July 2003, to declare distributions going forward based on the size of the mid-month managed portfolio of the corporation as follows: Managed Portfolio Capital Yield Share Capital Yield Share per unit Mid month Distribution Payment Monthly Payment (net of distributions) Annual Rate Over $20.00 $ 2.50 $ 0.2083 $19.50 to $20.00 $ 2.00 $ 0.1667 $19.00 to $19.49 $ 1.50 $ 0.1250 $18.50 to $18.99 $ 1.25 $ 0.1042 $18.00 to $18.49 $ 1.00 $ 0.0833 Under $18 Nil Nil The managed portfolio as of November 15, 2005 was $16.33 therefore the November 30, 2005 distribution for the Capital Yield Share will be set at nil per share. Elimination of the Capital Yield Share distribution when the Managed Portfolio per unit declines below $18.00 (net of Capital Yield Share distribution) is compliant with the requirements of the initial, prospectus dated February 23, 2001. The Board believes this is a prudent decision and in the best interest of both classes of shareholders over the long term. Based on the current market conditions, the Board expects the above distribution policy to continue. To date, Capital Yield shares have received a total of 23 monthly distributions for a total of $4.17 per share. The capital repayment forward agreement remains in force with Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. and TD Global Finance, a guaranteed subsidiary of TD Bank. This will provide Capital Yield shareholders with a payment of $25.00 on December 1, 2013. In addition, Capital Yield shareholders are entitled to an additional payment equal to the value of the Managed Portfolio at wind-up, if any, after payment to satisfy Equity Dividend Share obligations of $15.00 per share. The managed portfolio (the managed portion of the assets of CG STREAMS not subject to the Capital Yield share repayment forward contract) is invested primarily in a diversified portfolio of companies included in the S&P 500 and the S&P/TSX 60. To provide additional returns above the dividend and interest income earned on the managed portfolio, a covered call Covered Call Having a long position in an asset combined with a short position in a call option on the same underlying asset. Notes: This is considered to be one of the safest option positions. writing program generates option premium income on stocks held in the portfolio. CG STREAMS top holdings include Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company , Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. , BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. , Citigroup, Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. , Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). , J.P. Morgan, Toronto Dominion Bank and FedEx as of November 15, 2005. The economic exposure will vary according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the level of option premiums written against the underlying holdings. The list of holdings is subject to change as the portfolio is actively managed. Quadravest Capital Management Inc., the investment manager of CG STREAMS, is focused on the creation and management of enhanced yield products for retail investors. Distribution Details: Distribution per Capital Yield Share (CGQ): $ Nil Distribution per Equity Dividend Share (CGQ.E) $ 0.0875 Ex-Dividend Date: November 28, 2005 Record Date: November 30, 2005 Payable Date: December 9, 2005 Capital Gains Income STREAMS (TSX:CGQ) (TSX:CGQ.E) |
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