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training_data/curated/text/d798d483664aece3f78d2894f472ad299c4a4e288b057609b7de157b264681c0.txt

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+620 
+Stock price appreciation 139 - 35): 
+Dividends over 3 years: 
+Total gain 
+Total return: 
+Annualized return: 
+Part V: Index Options and Future. 
+4 
+7.50 
+11.50 
+11.50/35 = 32.9% 
+32.9%/3 = 11% 
+If the PERCS were called at an earlier time, the annualized return might be ever 
+higher. · 
+CALL FEATURE 
+The company will most likely call the PER CS if the common is above the call price 
+for even a short period of time. The prospectus for the PERCS will describe any 
+requirements regarding the call. A typical one might be that the common must close 
+above the call price for five consecutive trading days. If it does, then the company 
+may call the PERCS, although it does not have to. The decision to call or not is strict­
+ly the company's. The PERCS holder has no choice in the matter of when or if his 
+shares are called. This is the same situation in which the writer of a covered call finds 
+himself: He cannot control when the exercise will occur, although there are often 
+clues, including the disappearance of time value premium in the written listed call 
+option. The PERCS holder is more in the dark, because he cannot actually see the 
+separate price of the imbedded call within the PERCS. Still, as will be shown later, 
+he may be able to use several clues to determine whether a call is imminent. 
+Most PERCS may be called for either cash or common stock. This does not 
+change the profitability from the strategist's standpoint. He either receives cash in 
+the amount of the call price, or the same dollar amount of common stock. The only 
+difference between the two is that, in order to completely close his position, he would 
+have to sell out any common stock received via the call feature. If he had received 
+cash instead, he wouldn't have to bother with this final stock transaction. 
+In the case of most PERCS, the call feature is more complicated than that pre­
+sented in the preceding example. Recall that the company that issued the PERCS 
+can call it at any time during the three years, as long as the common is above the call 
+price. The holder of the XYZ PERCS in the example would not be pleased to find 
+that the PER CS was called before he had received any of the higher dividends that 
+the PERCS pays. Therefore, in order to give a PERCS holder essentially the same 
+return no matter when the PERCS is called, there is a "sliding scale" of call prices. -
+At issuance, the call price will be the highest. Then it will drop to a slightly 
+lower level after some of the dividends have been paid (perhaps after the first year).