TORONTO, June 16, 2017 /CNW/ - Callidus Capital
Corporation (the "Company" or "Callidus") is pleased to announce
that, in accordance with its previously announced dividend policy,
the Company will pay a monthly eligible dividend of $0.10 per common share ("Common Share") of the
Company to holders of Common Shares of record on June 30, 2017. The dividend will be paid on or
before July 20, 2017.
The Company's dividend policy and capital markets initiatives –
including the recent substantial issuer bid, as well as the current
and previously completed normal course issuer bids – are all part
of Callidus' efforts to achieve a stock price that better reflects
the underlying value of its shares. Catalyst Capital Group Inc.,
the Company's controlling shareholder, has encouraged the Company
to pursue these measures in that regard. In addition, as
previously announced, the Company has undertaken a process of
soliciting privatization proposals for the Company and has engaged
Goldman Sachs to act as financial advisor to lead the process.
The Company also offers a Dividend Reinvestment Plan (the
"Plan"), which is eligible to holders of Common Shares and provides
a convenient means to purchase additional Common Shares by
reinvesting cash dividends without having to pay commissions,
service charges or brokerage fees.
Common Shares acquired under the Plan will be automatically
enrolled in the Plan. Shareholders who hold their Common Shares
through a broker, financial institution or other nominee must
enroll for dividend reinvestment through their nominee holder.
The Company's major shareholders, the Catalyst Capital Group
Inc. and Braslyn Ltd., continue to exercise their right to
participate in the Plan. As a result, in excess of 80% of the
amount of the monthly dividend (or approximately $4.1 million of the total $5.1 million dividend) will be distributed in
stock.
The full text of the Plan can be obtained on the Company's
website at http://www.calliduscapital.ca/.
For purposes of the enhanced dividend tax credit rules contained
in the Income Tax Act (Canada) and any corresponding provincial and
territorial tax legislation, all dividends paid by Callidus on our
common shares in the calendar year, are designated as "eligible
dividends".
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian
company that specializes in innovative and creative financing
solutions for companies that are unable to obtain adequate
financing from conventional lending institutions. Unlike
conventional lending institutions who demand a long list of
covenants and make credit decisions based on cash flow and
projections, Callidus credit facilities have few, if any, covenants
and are based on the value of the borrower's assets, its enterprise
value and borrowing needs. Callidus employs a proprietary system of
monitoring collateral and exercising control over the cash inflows
and outflows of each borrower, enabling Callidus to very
effectively manage risk of loss. Further information is available
on our website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation