Prime Rate Plus Corp.
TSX : PPL.PR.A
TSX : PPL

Prime Rate Plus Corp.

February 22, 2007 14:58 ET

Prime Rate Plus Corp.: Financial Results to November 30, 2006

TORONTO, ONTARIO--(CCNMatthews - Feb. 22, 2007) - Prime Rate Plus Corp. ("Prime Plus") announces its annual financial results for the year ending November 30, 2006.

Distributions to both Class A and Preferred shareholders were made at the Canadian prime rate plus formula for each class of share. The Canadian Prime Rate increased by 1.25% during the year to 6% as at November 30, 2006, resulting in increased distributions for each class of share. Class A shares received distributions of $1.15 per share and Preferred shares received distributions of $0.64 per share during the year. The net asset value per unit (one Preferred Share and one Class A Share) increased by $1.71 per unit to $27.43 (after all distributions paid) as at November 30, 2006.

Prime Plus invests in a portfolio of six publicly traded Canadian Banks as follows:



Bank of Montreal National Bank of Canada

The Bank of Nova Scotia Royal Bank of Canada

Canadian Imperial Bank of Commerce Toronto-Dominion Bank


Selected Financial Information from the Semi-annual Statement of Financial
Operations:
For the year ending November 30 ($ millions)

2006

Income 8.648
Expenses (5.576)
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Net investment income 3.072
Realized option premiums and gain on sale of investments 4.874
Change in unrealized appreciation of investments 32.440
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Increase in net assets from operations before distributions 40.386

Comparative financial information is available in documents filed on
www.sedar.com.

Contact Information

  • Prime Rate Plus Corp.
    Investor Relations
    (416) 304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)
    Website: www.primerateplus.com