CDO Carador Eur

 

TIDMCDO 
 
RNS Number : 6444Q 
Carador PLC 
15 April 2009 
 

Carador plc (the "Company") 
 
 
15 April 2009 
 
 
Dividend declaration 
 
 
The Board has declared an interim dividend of EUR0.0131 per ordinary share in 
respect of the quarterly period ended 31 March 2009. This dividend is payable on 
30 April 2009 to shareholders on the register as at the close of business on 24 
April 2009. US Dollar class shareholders will receive US$0.0173 per share, 
calculated at the prevailing exchange rate on 15 April 2009 of EUR1:US$1.31775. 
 
 
The reduced level of dividend for the quarter reflects several factors including 
(i) a greater percentage of cash flows received were allocated to principal 
(42.97% in the period 1 January 2009 to 31 March 2009 compared with 18.56% in 
the same period in 2008) as a result of lower estimations of future cash 
flows and the fact that the Company's pricing policy caps the income component 
of any CLO distribution (annualised) to 20% of the original investment, with any 
excess reallocated to principal, (ii) the impact of the increased level of cash 
in the portfolio which, as at 28 February 2009, represented 28.1% of the 
portfolio and (iii) the spike in Libor rates seen in October negatively impacted 
January cash flows as a result of CLOs resetting their cost of debt during that 
month, while the loans in the underlying portfolios reset over different 
periods, taking advantage of falling rates. 
 
 
 
 
Enquiries: 
 
 
Paul Noonan 
Northern Trust Investor Services (Ireland) Limited    +353 1 542 2000 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 DIVUVABRKWRSAAR 
 

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