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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
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To: bill who wrote (2428)1/19/2002 1:12:57 PM
From: Lorne Larson  Read Replies (1) of 11633
 
Interesting comparison: With a recently announced distribution of .16/mo, PVE gives a forward annual yield of 22.1%; PGF at its last announced distribution of .13/mo has a forward annual yield of 11%. Only 3 possible reasons for this - stupid investors (PGF is overvalued and/or PVE is undervalued), smart investors (PVE is much riskier, more poorly managed, lower quality assets, etc, etc), or stock manipulation. I'm betting that this sort of spread can't last. I'm still long PVE and short PGF. With a bit of nimbleness you can avoid paying the dividend on PGF by existing and re-entering, although the commissions eat into your profit. In the meantime still collect the .16/mo on PVE. Short position also provides protection in the event the O&G sector as a whole crashes.

I see that NCF announced a recent acquisition. Is it possible a financing will be announced shortly to pay for this, and if so how much below current price? Looks to me that the stock is being supported to hold it at a certain level in anticipation of a financing. One house was a net buyer of 123000 shares last week; next highest was net 25000. But of course we've been told on these boards many times that these guys don't play games like that, haven't we.
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