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Gold/Mining/Energy : Canadian stocks that pay DIVIDENDS!!!!
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To: Gold Panner who wrote (116)7/12/2001 10:38:38 AM
From: Goldberry  Read Replies (1) of 129
 
I can't get comfortable with YLD even though the shares have shown steady appreciation over the past year. You probably are aware that repayment of the Split Yield Series is to occur on Feb 1 2006 and while that is almost 5 years away the YLD shares presently have an intrinsic (net) value of only ($41.11 - $35.00) $6.11 as at June 30th. The 2 pref shares have to be repaid first at maturity. I prefer the USA.UN units which have no pref shares involved and have an intrinsic (net) value as at June 30th of $18.72 so at todays market one is only paying about $1.50 premium vs over $6.00 premium on the YLD shares. The yield is lower though being only 10.62% vs 13.93% for YLD.

I got the IPO through TD Waterhouse but that is not a big deal as you can buy them on the market at under the issue price $24.90 trades recently. This is because the brokers are selling their unsold positions and over alotments as they make money on the distribution fee. I bought this issue to try and get a speculative pop out of it. The CGQ issue traded close to issue for the first month but then went to a premium after the broker sales dried up. I am hoping for the same thing. Of my holdings with Quadravest I have 75% in the USA.UN shares which if I am right will return over 10% and also have a good capital appreciation as the market comes back. I recently bought more of this as it came down over a dollar which attribute to its holding of Microsoft which was down over 10% this past several weeks but which recouped most of its losses today.
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