TORONTO, May 17, 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 $0.0583 per common share ("Common Share") of the Company to holders of Common Shares of record on May 31, 2016. The dividend will be paid on or before June 20, 2016.
The Company's dividend policy and previously completed normal course issuer bid are 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 further measures in that regard, including a substantial issuer bid 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.
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 inflow and outflows of each borrower, enabling Callidus to very effectively manage any risk of loss.
SOURCE Callidus Capital Corporation
For further information: David Reese, President and Chief Operating Officer, Callidus Capital Corporation, Phone: 416-945-3016, E-mail: [email protected], www.calliduscapital.ca