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

To: AuBug who wrote (8567)	1/15/2005 11:28:27 AM
From: Tommaso	Respond to of 11633

Scotia refigures the NAV and premium (or discount) every Friday. You also get all their other funds, including ES II, by clicking in the left margin. scotiamanagedcompanies.com!2026279099?com=ESC Thanks for the links, which I will now study.

To: AuBug who wrote (8567)	1/15/2005 11:48:11 AM
From: Tommaso	Respond to of 11633

I frankly think that those Globe and Mail figures are all screwed up. They have the symbol correct for ES, but they don't report the premium correctly, and Scotia Bank is the manager of the fund and the only source of that information (because the NAV would include all current dividend payments and other income (from lending stock) as well as the value of the stocks in the fund. For ES II, they are using the symbol for the preferred, and the "discount" of over 45% bears no relation to any reality. For Oil Sands Split they are using the symbol of the prefrred, but the figures seem to be the value of the capital shares added to the preferred. In any case, it does not make much sense to talk about the NAV of a fund that is based on a single stock. The NAV of both classes of stock (capital and preferred) combined is going to be the current price of COS.UN, by definition. Valuing the preferred, one can use a current quotation, or else the redemption price of the preferred. I prefer the latter (which is also close to the call price or the voluntary cash-in price of the prefrred), or about $17. If you subtract $17 from the price of COS.UN you get some kind of estimate of what OST.UN "ought" to be worth. I don't think whoever is putting these figures in the Globe and Mail has any idea at all of what they are doing. The Scotia Bank figures are definitive. On the basis of these three quotes, I would say that none of the figures printed in the Globe and Mail can be trusted.