Premium Income Corporation announces overnight offering of preferred shares

Premium Income Corporation (TSX: PIC.PR.A) has announced an overnight treasury offering of preferred shares, with the offering expected to close on or about May 14, 2026, subject to approval by the Toronto Stock Exchange (TSX) and other closing conditions. The preferred shares will be offered at a price of $16.36 per share, slightly below the recent trading price of $16.46 as of May 5, 2026. The offering is being led by National Bank Financial Inc. as the syndicate of agents.

The Fund, managed by Mulvihill Capital Management Inc., primarily invests in common shares of major Canadian banks, including Bank of Montreal, The Bank of Nova Scotia, and Royal Bank of Canada, among others. To enhance returns, the Fund selectively writes covered call and put options on portions of its portfolio. The preferred shares carry a fixed cumulative monthly distribution of $0.10625 per share, equating to an annual yield of 8.50% on the original issue price of $15.00.

Prospective investors are advised to review the short form base shelf prospectus and its supplement before making investment decisions.