CDO Carador Eur

 

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 
 
 DIVUVUNRKRRRAAA 
 

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