Sunday, June 15, 2008

EMFI Dividends for May 08 to June 08

There was: zero (-3,967,094,215) in excess capital, this compared to 1,098, 408,723 last month, this is a graduated reduction in share NAVs due to the following reasons:

  • The Eve stock market is in free fall… More stocks lost value and seven closed, or are closing (C-P-H; FIN; FIN-U; KITI bond; PCT2; SHMEC; and TCCS). There is a view that Ionia’s continued disappearance (6LTD, FRPB and LMTA) is permanent and these stocks were reduced further. This equates to 9 of the 28 investments being closed, closing or losses;
  • There were 12 of the 28 none dividend payers this month, at 43% this is up from 30% of the fund none payers last month;
  • In short the eve stock market is not working and the fund is finding it difficult to find functioning stocks; and
  • Losses:
    • EMFI have reduced FRPB and 6LTD by a another quarter…and have taken a 2.75 billion hit…this will be repeated next month;
    • SHMEC did not make their final closure payment which hit EMFI for 1.2 billion

There are no dividends or wages paid this month;

Trading News:

Closure payments received from: C-P-H; TCCS

New stocks invested in: BSAMR

The general market news stories underline what a hard month this has been

AATP: The Bad and the Good

FIN & FIN-U closing down procedure

[LVM] Refinancing options

PCT Fails

TCCS & CPH

Trading Alerts:
Dividend income should have increased this month but dividends have not been paid by: 6LTD; BMBE; FIN; FIN-U; FRPB; H-TI; T2AHL; TCCS; and Zero.

Further LARGE WRITE OFFS are expected in the future”

This is an income shortfall of approximately 6.4 billion lost dividend income for the last four months

The market is in free fall and EMFI are sorry that dividends are not due this month. EMFI are considering a policy of paying a minimum of 1 billion a month from dividend income to ensure a level of return for investors not dependent upon NAV. This will be put to the vote in the next few days after trustees have been asked.

All the best, Ghost Emperor.

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