FFC and FLC Announce Increased Monthly Dividends
April 22 2010 - 5:19PM
Business Wire
The Boards of Directors of Flaherty & Crumrine/Claymore
Preferred Securities Income Fund Incorporated (NYSE: FFC)
and Flaherty & Crumrine/Claymore Total Return Fund Incorporated
(NYSE: FLC) have approved new dividend amounts on their
common stock as detailed below.
The new monthly dividend rate for FFC will be $0.120 per share,
which equates to an annual dividend of $1.44 per share. This new
monthly dividend represents an increase of approximately 5.3% over
the prior monthly dividend.
The new monthly dividend rate for FLC will be $0.125 per share,
which equates to an annual dividend of $1.50 per share. This new
monthly dividend represents an increase of approximately 7.8% over
the prior monthly dividend.
These dividend rates will be effective with the dividends to be
paid on May 31, 2010. Record and expected ex-dividend dates will be
announced early next month.
Donald F. Crumrine, Chairman of the Boards of the funds, said,
“As we discussed in greater detail in each fund’s recent annual
report, the preferred market has seen an extraordinary rebound
since its historic lows in early March 2009, and both funds have
seen significant improvement in their net asset values. As a
result, each fund increased its leverage borrowings in February,
March and April. This borrowing has enabled each fund to generate
additional income to distribute to shareholders. Further, the
funds’ cost of borrowing is tied to short-term interest rates,
which are currently at historically low levels. Overall, we are
pleased that leverage has continued to help each fund in delivering
on its primary investment objective of high current income.”
FFC and FLC were organized in 2003 as closed-end, diversified
investment companies. FFC invests primarily in preferred securities
with an investment objective of high current income consistent with
preservation of capital. FLC invests primarily in preferred and
other income-producing securities with a primary investment
objective of high current income and a secondary objective of
capital appreciation. FFC and FLC are managed by Flaherty &
Crumrine Incorporated, an independent investment adviser which was
founded in 1983 to specialize in the management of portfolios of
preferred and related securities. Flaherty & Crumrine also
manages two other U.S. closed-end funds: Flaherty & Crumrine
Preferred Income Fund (NYSE: PFD); and Flaherty & Crumrine
Preferred Income Opportunity Fund (NYSE: PFO).
Website: www.fcclaymore.com
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