Prime Rate Plus Corp.

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
For the year ending November 30 ($ millions)


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

Comparative financial information is available in documents filed on

Contact Information

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