Prime Rate Plus Corp.: Regular Monthly Dividend Declaration
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TORONTO, ONTARIO--(Marketwire - July 18, 2008) - Prime Rate Plus Corp. ("Prime Plus") declares its regular monthly distribution of $0.08438 (6.75% annualized) for each Class A share which reflects the distribution policy of prime rate in Canada (4.75% as at July 15th) plus 2% annually. Prime Plus also declares its regular monthly distribution of $0.04583 (5.50% annualized) for each Preferred share which reflects the distribution policy of prime rate plus 0.75% annually. Distributions are payable August 8, 2008 to shareholders on record as of July 31, 2008.
Since inception Class A shareholders have received a total of $3.42 per share and Preferred shareholders have received a total of $1.93 per share inclusive of this distribution, for a combined total of $5.35 per share.
Prime Plus invests in a portfolio of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares held within the portfolio are expected to range between 5-20% in weight but may vary at any time. To generate additional returns above the dividend income earned on the portfolio, Prime Plus will engage in a selective covered call writing program.
Distribution Details:
Class A Share (PPL): $0.08438
Preferred Share (PPL.PR.A) $0.04583
Ex-Dividend Date: July 29, 2008
Record Date: July 31, 2008
Payable Date: August 8, 2008
FOR FURTHER INFORMATION PLEASE CONTACT:
Prime Rate Plus Corp.
Investor Relations
(416) 304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)
Website: www.primerateplus.com
Source: Prime Rate Plus Corp.
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