Canadian Banc Recovery Corp. Financial Results to November 30, 2009
February 25 2010 - 12:19PM
Marketwired
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.
Contacts: Canadian Banc Recovery Corp. Investor Relations
416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)
www.primerateplus.com
Canadian Banc (TSX:BK)
Historical Stock Chart
From May 2024 to Jun 2024
Canadian Banc (TSX:BK)
Historical Stock Chart
From Jun 2023 to Jun 2024