On Wednesday, 4/7/10, I sold 4 PDS Sep10 10 Covered Calls for a net deposit of $86.94 in an IRA account.  My basis for these PDS shares is now 23.98, excluding dividends received.

I’ve been sitting on these PDS shares since my last Calls expired worthless in Sep08.  I cannot even remember why I have waited so long to begin selling new Calls on PDS.  As I look at a chart of the stock I can only guess that it was so low that I just didn’t want to sell new options on it.

PDS last paid a dividend in Feb09.  It was .03 per share down from the previous .13 per share.  It was the dividend that first attracted me to PDS because it was a monthly dividend.  PDS is based in Canada.  I don’t expect that PDS will be paying monthly dividends again when and if it resumes paying them.  PDS is a Canadian Trust and the tax law changes in Canada are causing many trusts to change to standard corporations.

So, what do I do with PDS?  If it does not resume paying a dividend it will not fit my general investment goals.  On the other hand, you know how I hate to have a stock called away below my basis.  I suspect that I will continue to hold and sell or roll out Covered Calls for as long as I can do so with a positive cash flow.