TORONTO, Sept. 4 /CNW/ - Connor Clark & Lunn ROC Pref Corp. (the
"Company") announced today that the preferred share dividend will remain
suspended and will not resume for the quarter ending September 30th 2009.
Connor, Clark & Lunn Capital Markets Inc. (the "Manager") and Connor Clark &
Lunn Investment Management Ltd. (the "Investment Manager") have taken this
action in order to have the funds available for potential use, if necessary,
as part of a restructuring plan for the Company that the Manager and
Investment Manager are currently working on in conjunction with the
independent members of the Board of Directors.
Given the events of the credit market over the past year and the credit
events that have occurred in the underlying portfolio, the Manager and
Investment Manager believe that a restructuring may be necessary in order to
preserve the maximum value available to preferred shareholders. The funds that
would have been used to pay the dividend will remain in the Company.
The Company expects to be in a position to announce a restructuring plan
during the fourth quarter of 2009, but if it is not able to do so then the
decision whether to pay the dividend will be reviewed on a quarterly basis.
For further information:
For further information: on Connor, Clark & Lunn ROC Pref Corp., please
visit www.cclcapitalmarkets.com or contact: Darren Cabral, Vice President,
Connor, Clark & Lunn Capital Markets Inc., (416) 214-6182 or 1 (888) 276-2258,