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

Prime Rate Plus Corp.

October 20, 2008 09:00 ET

Prime Rate Plus Corp.: Regular Monthly Dividend Declaration

TORONTO, ONTARIO--(Marketwire - Oct. 20, 2008) - Prime Rate Plus Corp. ("Prime Plus") declares its regular monthly distribution of $0.07850 (6.28% annualized) for each Class A share which reflects the distribution policy of prime rate in Canada (average of 4.28% as at October 15th) plus 2% annually. Prime Plus also declares its regular monthly distribution of $0.04192 (5.03% annualized) for each Preferred share which reflects the distribution policy of prime rate plus 0.75% annually. Distributions are payable November 10, 2008 to shareholders on record as of October 31, 2008.

Since inception Class A shareholders have received a total of $3.67 per share and Preferred shareholders have received a total of $2.06 per share inclusive of this distribution, for a combined total of $5.73 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 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): $0.07850
Preferred Share (PPL.PR.A) $0.04192
Ex-Dividend Date: October 29, 2008
Record Date: October 31, 2008
Payable Date: November 10, 2008



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