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

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

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.primrateplus.com