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PIMCO Income Strategy Fund II Message Board

  • doughav doughav Aug 3, 2012 11:20 AM Flag

    Dividend CUT,..see CEF.com

    Did we lose our Preff'd financing?? Anyone know anything?? Looks like a fairly lge Div cut!

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    • Unfortunately I neglected to state Bill Gross & family apparently own 945,000 shares of PFN while BRIGADE, ETC holds 1,619 shares of PFN.----Could this be an effort by Brigade to collect "Greenmail".. Could thier efforts be directed to offering to "GO AWAY" for a price.---I do not know but it appears they have very few shares for all the "NOISE" they are making. If they claim comminity with other interestes, WHO ARE THEY?--Let's have some disclosure.
      In the end, VOTE YOUR PROXIES FOR PRESENT MANAGEMENT.--They have done well and have NOT missed a dividend payment.

      • 1 Reply to friendlytrader
      • This always amazes me. Whenever negative events are developing with publicly traded equity and someone reveals it’s always ‘basher’, ‘agenda’ or ‘scare tactics’. Nobody made this stuff up. It’s happening whether you wish, pray and hope it isn’t.

        More befuddling is why folks think paying over NAV is a good thing in any way shape or form. Would you go to your bank and pay $11,000 for a $10,000 CD even if it had a 9% interest rate ? More than likely not ! And that would be for a investment vehicle that has a guaranteed capital return and a guaranteed rate of return. In the case of a CEF there is no guarantee of return rate OR capital return. Go figure ?

        Just because the current yield is an annual 9% folks are willing to give up 9% or more of their capital in far less time. Anyone that bought at Thursday’s high already lost ~2% by Friday’s close. That’s 20% of the advertised (not guaranteed) yield in just two days ! If Allianz wasn’t filing SEC documents they would call this a Ponzi scheme. Just the latest derivative shuffle with a new name and face.

        Nobody is trying to ‘scare’ anyone. This is simple straight forward math. As the name implies CEF’s are Closed and therefore don’t have the same open ability to expand cash flow and equity to drive higher PPS like a standard issue. Any rise in PPS on a CEF is purely artificial. Those that ignore it end up boo-hooing in the end. Never fails.

        Quite frankly if anything is occurring here it’s that some are trying to convince others to be the bagholders.

        Btw… your share counts are for two totally different classes. A relative comparison is pointless. If you want to make a dollar comparison it might have validity.

        Gross & Family = $10.7M
        Brigade = $40.75M

    • I suggest you look at the current NAV for PFL & PFN--
      PFL closed at 12,50 w/ NAV of 11.41.
      PFN closed at 10.99 w/ NAV of of 10.27.
      It appears that both PFL & PFN are trading at less than 10% above NAV. I suggest this is NOT excessive.--Remember, some posters have thier own agenda and seek to scare other holders to drive the price down. I submit the Net Asset Value adaquately supports the price. In addition, please note the recent critical article was by a group seeking to seat a NEW Board member. They may have a goal which may not be in the general interest of all shareholders.

    • Doug, it looks like CEF connect made a data entry mistake. Pimco's August 1st dividend announcement shows a dividend of 0.08 per share payable on September 4th with an ex-date of August 9th. I can't find any superseding press release or notice on Pimco's web site.

      I noticed that CEFconnect had the correct dividend of 0.09 for PFN's sister fund PFL.

      The fund is a good investment with a reasonable price to net assets, a stable dividend, and good management. Good luck.

 
PFN
10.900.00(0.00%)Jul 11 4:06 PMEDT

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