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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: trustmanic who wrote (799)	3/20/2001 9:05:28 AM
From: Mayer Tchelebon	Respond to of 11633

NCA.UN annual dividend is now $0.96. The number of outstanding units doubled in the past year as the warrants and convertible debentures were converted to units. Since their cash flow did not increase at the same pace, the monthly distribution was lowered from 10c to 8c recently. Therefore the current yield is about 22%. Since they still have some convertible debentures outstanding, some additional minor dilution is possible - check the "fully diluted" cashflow, as opposed to the "basic" cashflow numbers in their press releases. By comparison PWI will be paying 22c after the Cypress acquisition closes, so you could look forward to about 29% or so. To make a fair comparison, PWI's distributions will likely be more taxed than NCA's, which were all tax-deferred last year.