3rd Quarter Results
Canadian General Investments Ld
19 October 2005
NEWS RELEASE TRANSMITTED BY CCN MATTHEWS
FOR: CANADIAN GENERAL INVESTMENTS, LIMITED
TSX SYMBOLS: CGI, CGI.PR.A, CGI.PR.B, CGI.WT
LONDON STOCK EXCHANGE: CGI, CGIW
OCTOBER 18, 2005
Canadian General Investments Reports 2005 Third Quarter Results
TORONTO, CANADA - Canadian General Investments, Limited's (CGI) diluted net
asset value per share (NAV) return, with dividends reinvested, for the three,
nine and twelve month periods ended September 30, 2005 were 14.4%, 23.4% and
43.4%, respectively. By comparison, the returns of the benchmark S&P/TSX
Composite Total Return Index (S&P/TSX) for the same periods were 11.6%, 20.7%
and 29.3%. CGI's market returns, including reinvestment of dividends, to common
shareholders were 21.1% for the third quarter, 46.1% year-to-date and 75.9% over
the twelve months to September 30, 2005.
At September 30, 2005, net assets were $587,857,000, up 23.5% from the 2004
year-end value of $475,976,000. The corresponding NAVs at September 30, 2005 and
December 31, 2004 were $25.35 and $20.71. For the first nine months of 2005, CGI
had an increase in net assets resulting from operations of $126,145,000, or
$5.52 per common share on a diluted basis. For the corresponding period in 2004,
the increase was $41,724,000 or $1.86 per share.
The net gain on investments for the first nine months of 2005 was $125,648,000,
comprised of a net realized gain of $53,973,000 and a change in unrealized gain
on investments of $71,675,000. There was a net gain on investments of
$39,197,000 during the comparable period in 2004. Net investment income for the
nine months to September 30, 2005 was $497,000, down from the $2,527,000
recorded in the nine month period in 2004.
CGI purchased 94,800 of its warrants for cancellation during the first nine
months of 2005 pursuant to its normal course issuer bid which was renewed in
April 2005. Outstanding warrants continue to be exercisable on June 30 of each
year until their expiration in 2007.
During each of the first three quarters of both 2005 and 2004, CGI paid regular
income dividends of $0.06 per share to its common shareholders.
FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)
Three Months Ended Nine Months Ended
-------------------- -------------------
---------- --------- --------- ---------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2005 2004 2005 2004
---------- --------- --------- ---------
Net investment income (loss)
for the period 3 (81) 497 2,527
Net realized gain on
investments 15,128 9,144 53,973 31,158
Change in unrealized gain on
investments 63,404 4,728 71,675 8,039
-------- ------- -------- -------
Increase in net assets
resulting 78,535 13,971 126,145 41,724
from operations
Increase in net assets
resulting from 3.82 0.67 6.15 2.04
operations per common share -
basic
Increase in net assets
resulting from 3.41 0.62 5.52 1.86
operations per common share -
diluted
As at
---------- --------- ---------
Sept. 30, Dec. 31, Sept. 30,
2005 2004 2004
---------- --------- ---------
Net assets 587,857 475,976 420,870
Net asset value per share - basic 28.57 23.22 20.53
Net asset value per share - diluted 25.35 20.71 18.40
In the United Kingdom, copies of the Corporation's quarterly report will be made
available at the U.K. branch transfer agent, Computershare Investor Services
PLC, P.O. Box 82, The Pavilions, Bridgwater Road, Bristol, BS99 7NH. Phone
0117-941-7781.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian General Investments, Limited
Jonathan A. Morgan
President & CEO
Phone: (416) 366-2931
Fax: (416) 366-2729
e-mail: cgifund@mmainvestments.com
website: www.mmainvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange