Canadian Banc Recovery Corp.

Canadian Banc Recovery Corp.

February 25, 2010 12:18 ET

Canadian Banc Recovery Corp. Financial Results to November 30, 2009

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2010) - Canadian Banc Recovery Corp. (formerly Prime Rate Plus Corp) ("the Company") announces its annual financial results for the year ending November 30, 2009.

The year ending November 30, 2009 was one of the most tumultuous periods in financial market history. Against this backdrop, the market prices of the Canadian bank stocks in the portfolio mirrored this activity reaching lows in early March but recovering significantly by the end of November. The net asset value as at November 30, 2009 ended $5.63 higher to $21.38 per unit over the prior year. The complete financial statements are available at or

The Company 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.

Selected Financial Information from the Statement of Financial Operations:
For the year ending November 30, 2009  
  ($ Millions)
  Income 8.987
  Expenses (2.063)
  Net investment income 6.924
  Realized option premiums and gain (loss) on sale of investments (13.186)
  Change in unrealized appreciation of investments 73.452
  Increase in net assets from operations before distributions 67.190
Comparative financial information is available in documents filed on  

Contact Information

  • Canadian Banc Recovery Corp.
    Investor Relations
    416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)