Prime Rate Plus Corp.

Prime Rate Plus Corp.

February 22, 2008 11:10 ET

Prime Rate Plus Corp.: Financial Results to November 30, 2007

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2008) - Prime Rate Plus Corp. ("Prime Plus") announces its annual financial results for the year ending November 30, 2007.

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 began the year at 6.00% and increased by 0.25% to 6.25% as at November 30, 2007, resulting in increased monthly distributions for both classes of shares. The net asset value per unit (one Preferred Share and one Class A Share) was $25.30 as at November 30, 2007.

Prime Plus 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, 2007

($ Millions)
Income 9.402
Expenses (3.997)
Net investment income 5.405
Realized option premiums and gain on sale of investments 22.684
Change in unrealized depreciation of investments (19.120)
Increase in net assets from operations before distributions 8.969

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)