Union Trustees Mixed Fund declares five kobo dividend
UNION Trustees Mixed Fund has declared a dividend of five kobo per
share due to every unit holder of the fund for the financial year ended
April 30, 2011.
Addressing shareholders at the yearly general meeting in Lagos
yesterday, the Managing Director of Union Trustee Limited, Mrs O.
Aiyepola said earning per share stood at seven kobo, compared to
10kobo recorded in 2010.
She explained that the fund generated net after taxation of
N111.5million compared to N156.3 million in 2010.
She announced Union Trustee Limited decision to relinquish the
management of Union Trustee Mixed Fund to CDL Asset Management
This, she said is in accordance with the Securities and Exchange
Commission’s new rule which disqualifies a fund manager of a
Collective Investment scheme (CIS) from acting as a trustee to any
She added that the net asset value of the fund, which stood at
N4billion at the beginning of the financial year dropped to N1.8billion
as at march 9, 2012.
“A s at April 30, 2011, out of N708.1 million investment, the fund
suffered a capital loss of N27.3 million. The market value as at 30th
April, 2010 was N680.7 million.”
She attributed the drop to the meltdown in the Nigerian Capital market
affected investors’ enthusiasm to invest in Collective Investment
Aiyepola expressed optimism that the fund would record improved
performance in the next financial period even at it expected to see
much activities in the money market.
She added that the introduction of more Real Estate Investment Trust
Scheme (REITS) such as Sun Trust REITS, according to her would
facilitate the Fund’s investment in real estate.
By Helen Oji
GUARDIAN, 16 March 2012