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AllianzGI Convertible & Income Message Board

  • richheimerl richheimerl Nov 28, 2008 6:53 AM Flag

    nav currently $4.96

    huge discount but with divy postponed this is to be expected. probably need to get the nav to 6 buck range to get divy restarted.

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    • With the NAV at $4.98 today, then after the purchases at the end of the month and absent any deterioration of the NAV, the dividend will be reinstated.

      We'll just need to wait to see what happens! (At least they have taken action).

    • I found it odd that they are targeting exactly 200% coverage given today's NAV. Maybe they are expecting NAV to improve this month? Or maybe they will just keep the dividend suspended if NAV drops again? They certainly do not give out any information beyond the minimum.

    • If the assets are marked accurately I wouldn't see a problem; if they are not, shame on fund management. So all in all, I don't see a problem and am glad that they are moving ever closer to reinstituting the divy. Having said that, they are still a few pennies shy on NAV for 200% coverage ($4.99 by my estimate)

    • Is it bad news; good news; or neutral?
      IMHO it again depends on whether they can sell things at or close to marks.
      Assuming they can it's Ok to good; if not it is somewhat bad.
      Any thoughts?

    • they have to sell holdings to redeem the preferreds...they may try to hang on to holdings feeling they are performing yet beaten down and continue to postpone the divy for a while. they could reinstate a divy now buy buying back more of the perferreds but it would be nowhere close to .125 cents amonth

    • That would be fine with me. But, if they intend to do that why aren't we hearing anything from them?

    • NAV now $5.06.

      • 2 Replies to wobatus
      • I also watch and used to own PML and PMX, noticed a big selloff in those names. When I checked Yahoo, they were among 6 more names that have gone over the cliff today. Also, PCN and PTY are at the edge and apparently have paid todays divy but withheld future declarations. What we are looking in my opinion, is a total meltdown in the closed end side of Pimco's business. In every case its the identical story about future sales of Junk to rise above the 200% requirement. Really sad that these funds appear to have been treated as ugly stepchildren and seem to only get attention as they approach and pass well into crisis/meltdown mode. So much for the invincibility (sic?) of the highly touted Pimco.

      • Does anyone know how to calculate to determine the price that must be met in order to commence dividend payments again? If so I would very much appreciate your enlightenment.

        How does one calculate the 200% in the following:

        "A Fund is not permitted to pay or declare common share dividends unless the Fund's auction rate preferred shares (``ARPS'') have a minimum asset coverage of 200% (``200% Level'') after payment or declaration of the common share dividend, in accordance with the Investment Company Act of 1940, as amended, and the Fund's By-laws."

        And, what does the NAV have to do with the 200%.

        Thanks.

 
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