Prime Dividend Corp.

Prime Dividend Corp.

February 25, 2009 17:50 ET

Prime Dividend Corp.: Financial Results to November 30, 2008

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2009) - Prime Dividend Corp. ("Prime Dividend") announces its annual financial results for the year ending November 30, 2008.

By the end of 2008, the cumulative impact of the deterioration in financial and economic conditions created record lows in business, investor and consumer confidence and resulted in recessionary conditions throughout the world. In addition, the de-leveraging of hedge funds and other similar funds during the final months exacerbated market volatility and losses in financial markets. Market indices experienced declines not seen since the Great Depression of the 1930s. In North America, the S&P TSX 60 index declined by -27.65% for the year ending November 30, 2008.

Throughout this difficult environment, the core holdings in the portfolio have been negatively impacted. The Company met its distribution objectives during the year for both classes of shares, but the net asset value per unit declined to $14.56 per unit (a unit consisting of one Preferred share and one Class A share) as of November 30, 2008.

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 year ending November 30, 2008

($ Millions)
Income 1.886
Expenses (0.684)
Net investment income 1.202
Realized option premiums and gain on sale of investments 0.547
Change in unrealized depreciation of investments (22.136)
Decrease in net assets from operations before distributions (20.387)

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)