Prime Dividend Corp.

Prime Dividend Corp.

July 29, 2009 17:11 ET

Prime Dividend Corp.: Financial Results to May 31, 2009

TORONTO, ONTARIO--(Marketwire - July 29, 2009) - Prime Dividend Corp. ("Prime Dividend") announces its semi-annual financial results for the six months ending May 31, 2009.

The six month period ending May 31, 2009 was one of the most tumultuous periods in financial market history. Against this backdrop, the market prices of the stocks in the portfolio mirrored this activity reaching lows in early March but recovering significantly by the end of May. The net asset value as at May 31 ended $1.73 higher to $16.29 per unit over the six month period. Preferred shareholders received all distributions at their fixed rate for a total of $0.25002 per share. As a result of the net asset value remaining below $15 for most of the period, only one distribution for a total of $0.625 was made to Class A shareholders. However, subsequent to the end of the period, Class A distributions had resumed as the net asset value per unit had increased beyond the $15 threshold.

Prime Dividend invests in a portfolio of high yielding Canadian Companies as follows:

Investment Utilities &
Banks Management Life Insurance Other

Bank of AGF Management Ltd. Great-West Lifeco BCE Inc.
Montreal Inc.

The Bank of CI Financial Manulife Financial TransAlta Corp.
Nova Scotia Income Fund Corp.

CIBC IGM Financial Inc. Sun Life Financial TransCanada
Inc. Corp.

National Bank Power Financial
of Canada Corp.

Royal Bank of TSX Group Inc.


Selected Financial Information from the Statement of Financial Operations:
For the six months ending May 31, 2009
($ Millions)
Income 0.899
Expenses (0.216)
Net investment income 0.683
Realized option premiums and gain (loss) on sale of investments (2.015)
Change in unrealized appreciation of investments 5.255
Increase in net assets from operations before distributions 3.923

Comparative financial information is available in documents filed on

Contact Information

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