Dividend Declaration
October 15 2009 - 12:21PM
UK Regulatory
TIDMCDO
RNS Number : 8785A
Carador PLC
15 October 2009
Carador plc (the "Company")
15 October 2009
Dividend declaration
The Board has declared an interim dividend of EUR0.0112 per ordinary share in
respect of the quarterly period ended 30 September 2009. This dividend is
payable on 29 October 2009 to shareholders on the register as at the close of
business on 23 October 2009. US Dollar class shareholders will receive US$0.0167
per share, calculated at the prevailing exchange rate on 15 October 2009 of
EUR1:US$1.4939.
The level of dividend for the quarter is in line with the dividend for the last
two quarters and continues to reflect several factors including (i) the greater
percentage of cash flows received allocated to principal (41.4%) 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 30 September
2009, represented an estimated 28% of the portfolio, (iii) the cashflow
diversion from subordinated notes to repay senior notes in certain transactions
following breaches in their over-collateralization tests as a result of
increases in CCC assets and defaults in their underlying portfolios and (iv) the
low coupon payments from the new investments in senior notes where the projected
return is based on expected principal appreciation.
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
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