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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
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To: Taikun who wrote (7803)10/6/2004 4:13:56 AM
From: energyplay  Read Replies (1) of 11633
 
Re: ERF Non resident ownership was 64% before the Chevron deal. They issued about 9.8% new stock to Canadians only to pay for the deal. Current non-resident ownership is now about 57%.

If about 90% of the Canadian holders sign up for the DRIP, they should make <50% non-resident before 2007, assuming the yield stays around 9-10%.

Another deal, or even a smaller deal and increasing the drip discount a little beyond 5% should fix the problem.

According to their website, previously to the new law ERF had some exceptions to the non-resident rule.
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