FFC & FLC Announce Reduced Monthly Dividend Amounts
December 15 2008 - 2:22PM
Business Wire
The Boards of Directors of Flaherty & Crumrine/Claymore
Preferred Securities Income Fund Incorporated (NYSE:FFC) and
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
(NYSE:FLC) have approved new regular monthly dividend amounts on
their common stock to be effective with the dividends to be paid on
December 31, 2008 to holders of record of each Fund�s Common Stock
on December 23rd. The expected ex-dividend date is December 19th.
Until further notice, the new regular monthly dividend for FFC�s
common stock will be $0.114 per share, which equates to an annual
dividend of $1.368 per share, and the new regular monthly dividend
for FLC�s common stock will be $0.11 per share, which equates to an
annual dividend of $1.32 per share. Donald F. Crumrine, Chairman of
the Boards of the Funds, said �We have reduced the dividend
primarily because of each Fund�s de-leveraging in response to the
extraordinary market conditions which began in September. Each Fund
leverages the returns to common stock shareholders through a
combination of bank financing and auction preferred stock. While
each Fund�s common stock dividend continues to be enhanced by its
use of leverage, the reduction of $261.225 million (or 48.2%) of
FFC�s leverage and $59.5 million (or 46.3%) of FLC�s leverage has
limited the extent of that enhancement and the Boards have adjusted
each Fund�s dividend accordingly.� FFC and FLC were organized in
2003 as closed-end, diversified investment companies. FFC invests
primarily in preferred securities with an investment objective of
high current income consistent with preservation of capital. FLC
invests primarily in preferred and other income-producing
securities with a primary investment objective of high current
income and a secondary objective of capital appreciation. FFC and
FLC are managed by Flaherty & Crumrine Incorporated, an
independent investment adviser which was founded in 1983 to
specialize in the management of portfolios of preferred and related
securities. Flaherty & Crumrine also manages two other U.S.
closed-end funds: Flaherty & Crumrine Preferred Income Fund
(NYSE: PFD); and Flaherty & Crumrine Preferred Income
Opportunity Fund (NYSE: PFO). Website: www.fcclaymore.com
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