Canadian Banc Recovery Corp. Financial Results to November 30, 2009
February 25 2010 - 11:19AM
Marketwired Canada
Canadian Banc Recovery Corp. (formerly Prime Rate Plus Corp) ("the Company")
announces its annual financial results for the year ending November 30, 2009.
The year ending November 30, 2009 was one of the most tumultuous periods in
financial market history. Against this backdrop, the market prices of the
Canadian bank stocks in the portfolio mirrored this activity reaching lows in
early March but recovering significantly by the end of November. The net asset
value as at November 30, 2009 ended $5.63 higher to $21.38 per unit over the
prior year. The complete financial statements are available at
www.primerateplus.com or www.sedar.com.
The Company invests in a portfolio of six publicly traded Canadian Banks as
follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of
Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares
held within the portfolio are expected to range between 5-20% in weight but may
vary at any time. To generate additional returns above the dividend income
earned on the portfolio, Prime Plus will engage in a selective covered call
writing program.
Selected Financial Information from the Statement of Financial Operations:
For the year ending November 30, 2009
($ Millions)
Income 8.987
Expenses (2.063)
-------------
Net investment income 6.924
Realized option premiums and gain (loss) on sale of
investments (13.186)
Change in unrealized appreciation of investments 73.452
-------------
Increase in net assets from operations before distributions 67.190
Comparative financial information is available in documents
filed on www.sedar.com.
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