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Morgan Meighen & Associates
Toronto, Canada, July 19, 2005 -- Third Canadian General Investment Trust Limited (TSX:THD) - Third Canadian's net asset value per share (NAV) returns, with dividends reinvested, for the three, six and twelve month periods ended June 30, 2005 were 7.3%, 16.9% and 39.8%, respectively. By comparison, the returns of the benchmark S&P/TSX Composite Total Return Index (S&P/TSX) for the same periods were 3.6%, 8.1% and 18.0%. Third Canadian's market returns, with dividends reinvested, were -0.6% for the second quarter, 12.8% year-to-date and nearly 40% over the twelve months to June 30, 2005.
At June 30, 2005, Third Canadian's net assets were $177,757,000, up 16.4% from the 2004 year-end value of $152,726,000. The increase was largely attributable to a 22.2% uplift in the combined market value of the shares and warrants of Canadian General Investments, Limited (CGI), the Corporation's key principal asset, representing more than 70% of Third Canadian's portfolio at the mid-year point.
For the six months, Third Canadian had an increase in net assets resulting from operations of $25,892,000, or $5.39 per share. For the corresponding period in 2004, the amounts were $8,131,000 and $1.69, respectively.
Strong portfolio performance resulted in a net gain on investments of $24,792,000 for the current six month period, comprised of a net realized gain
on investments of $509,000 and a change in unrealized gain on investments of $24,283,000. This compares to a net gain on investments of $6,853,000 for the corresponding period in 2004.
Third Canadian's net investment income in the first half of 2005 was $1,100,000, down from the $1,278,000 for the first six months of 2004.
During the first half of both 2005 and 2004, Third Canadian paid regular quarterly dividends totalling $0.15 per share to its shareholders.
Third Canadian, established in 1928, is the second oldest North American listed closed-end fund. The Company's non-principal assets consist primarily of Canadian income trusts and Canadian equities, as well as foreign equities. Leverage is provided by the large holding in CGI and bank borrowings at favourable interest rates.
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FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts) Three Months Ended Six Months Ended
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June 30, June 30, June 30, June 30,
2005 2004 2005 2004
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Net investment income for
the period 599 570 1,100 1,278
Net realized gain (loss)
on investments 1,013 93 509 (841)
Change in unrealized gain
on investments - net of
future income taxes 10,506 (8,415) 24,283 7,694
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Increase (decrease) in
net assets resulting
from operations 12,118 (7,752) 25,892 8,131
Increase (decrease) in
net assets resulting
from operations per share 2.52 (1.61) 5.39 1.69
As at
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June 30, December 31, June 30,
2005 2004 2004
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Net assets 177,757 152,726 129,445
Net asset value per share 36.99 31.78 26.93 |
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