Just so predictable! Informed readers of my prior post knew this was coming.
StoneCastle Financial Corp. (Nasdaq:BANX) ("StoneCastle Financial" or the "Company"), an SEC registered closed-end management investment company, today announced that its Board of Directors has declared a cash distribution of $0.33 per share for the second quarter of 2015. The distribution will be payable on June 29, 2015 to shareholders of record on June 19, 2015.
Just got the proxy in the mail. The CEO has a HUGE pay package. Based on the price performance of WHG stock, he doesn't deserve it. It would be excellent if the cash pay package was in some manner tied to the share price performance.
I own some of this mutual fund - hadn't paid much attention to it, until this morning. This fund is the worst performing fund of the 8 that I own. Time to cash out - If you look at the holdings, the fund couldn't do any worse if it tried!
At least they didn't lose money. Their dividends declarations greatly exceed their earnings, essentially they're liquidating. Why sell shares at around $25 and paying underwriter fees only to pay the money back to the shareholders. Doesn't seem like a plan.