TORONTO, July 15, 2016 /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 $0.0833 per common share ("Common Share") of the Company to holders of Common Shares of record on July 29, 2016. The dividend will be paid on or before August 19, 2016.
The Company's dividend policy, previously completed and proposed normal course issuer bids, and its current substantial issuer bid, 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, and, if the shares continue thereafter to trade at a significant discount to their underlying value, a going private transaction.
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.
Certain funds managed by the Catalyst Capital Group Inc. and related parties who collectively hold 64% of the issued and outstanding Common Shares participate in the Plan and reinvest all of their cash dividends to purchase additional Common Shares.
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 company'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
For further information: Paula Myson | (416) 945-3226 | email@example.com