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

Prime Rate Plus Corp.

April 18, 2007 09:00 ET

Prime Rate Plus Corp.: Regular Monthly Dividend Declaration

TORONTO, ONTARIO--(CCNMatthews - April 18, 2007) - Prime Rate Plus Corp. ("Prime Plus") declares its regular monthly distribution of $0.10000 (8.00% annualized) for each Class A share which reflects the distribution policy of prime rate in Canada (6.00% as at April 15th) plus 2% annually. Prime Plus also declares its regular monthly distribution of $0.05625 (6.75% annualized) for each Preferred share which reflects the distribution policy of prime rate plus 0.75% annually. Distributions are payable May 10, 2007 to shareholders on record as of April 30, 2007.

Since inception Class A shareholders have received a total of $1.98 per share and Preferred shareholders have received a total of $1.12 per share inclusive of this distribution, for a combined total of $3.10.

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.



Distribution Details:

Class A Share (PPL): $0.10000

Preferred Share (PPL.PR.A) $0.05625

Ex-Dividend Date: April 26, 2007

Record Date: April 30, 2007

Payable Date: May 10, 2007


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