Saturday, March 15, 2008

EMFI Dividends for February 08 to March 08


EMFI Dividends from 15th February to 15th March have just been paid:

Click on image to enlarge

There was: 2,220, 679,028 in excess capital, this compared to 4,518,259,273 last month, this is a large fall due to the following reasons:
  • The Eve stock market is in freefall… Seven stocks lost value and only three gained value. There is large concern over Ionia’s disappearance (6LTD and FRPB) and FIN/FIN-U’s statement that they will not be able to meet minimum bond payment levels in the long-term;
  • There was 40% of the fund not paying dividends this month, the stocks not paying out this month include: AATP (four months overdue); 6LTD; FIN-U; FRPB; T2AHL; TCCS; and Zero. In short the eve stock market is not working; and
  • EMFI have re-valued the portfolio to try and reduce the NAV of these stocks, this will have an effect on dividend levels in the medium term as dividends are low and NAVs are falling, however trading income is higher than usual.

Scam reserves have been released to cover the value reduction in major stocks

The dividends were distributed as follows:
* 1,887,577,174 paid out in dividends
* 55,516,976 for Fund Management duties;
* 55,516,976 split between audit staff, staff and trustees; (staff wages were mostly withheld this month as no staff were available for duties); and
* 222,067,903 retained capital (as hedge against scams).

The retained capital pool now stands at: 222,067,903 which will be reinvested on this occasion to increase shareholder returns.

Trading News:
Seven stocks have lost value and three increased, so the overall climate is unfavorable.
Two stocks are closing: PIT; and SHMEC.
Two stocks have closed: PSRS and OPT-M
No new stocks have been invested in..

Trading Alerts:
Dividend income should have increased this month but dividends have not been paid by: AATP (four months overdue); 6LTD; FIN-U; FRPB; T2AHL; TCCS; and Zero

This is an income shortfall of 1,388,629,038 for the month…a HUGE shortfall

Discussions have taken place with the main parties and at one corp (H-TI) where EMFI helped vote and initiate a change of CEO, dividends have now resumed there.
Dividends were received from Zero. last month and went a long way to making up for the last fourth months missed dividends, however, it would seem they are ate again this month.

So a final dividend of:
* 188.76 isk per share...so 1.80% return on original NAV, down almost 2% on last month. However, if dividends are resumed by all corps there could be a improved return next month.

2 Comments:

Blogger Manuel said...

The missing dividends and the income shortfall really are unfortunate events. Though if I may ask, how are the predictions for the following months?

March 17, 2008 9:40 am  
Blogger EMFI Staff said...

Please find the above comments of use as well. Dividends will be a bit lower than previous months, but we hope to avoid paying no dividends and cushion the current stock market crash.

March 23, 2008 7:35 pm  

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