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

Prime Rate Plus Corp.

August 20, 2007 09:00 ET

Prime Rate Plus Corp.: Regular Monthly Dividend Declaration

TORONTO, ONTARIO--(Marketwire - Aug. 20, 2007) - Prime Rate Plus Corp. ("Prime Plus") declares its regular monthly distribution of $0.10313 (8.25% annualized) for each Class A share which reflects the distribution policy of prime rate in Canada (6.25% as at August 15th) plus 2% annually. Prime Plus also declares its regular monthly distribution of $0.05833 (7.00% annualized) for each Preferred share which reflects the distribution policy of prime rate plus 0.75% annually. Distributions are payable September 10, 2007 to shareholders on record as of August 31, 2007.

Since inception Class A shareholders have received a total of $2.38 per share and Preferred shareholders have received a total of $1.35 per share inclusive of this distribution, for a combined total of $3.73 per share.

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 520% 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): $0.10313

Preferred Share (PPL.PR.A) $0.05833

ExDividend Date: August 29, 2007

Record Date: August 31, 2007

Payable Date: September 10, 2007

Contact Information

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