TORONTO, May 17, 2016 /CNW/ - Callidus Capital
Corporation (TSX:CBL), ("Callidus" or the "Company"), today
announced that its Board of Directors has approved an almost 50%
increase in the regular dividend payable to shareholders from
$0.70 per common share per year to
$1.00 per common share per year, or
$0.0833 per common share per
month. The dividend will continue to be paid monthly to the
holders of Callidus' outstanding common shares of record as of the
close of business on the last business day of each month.
Callidus also announced that given the success of its 2015
Normal Course Issuer Bid, it will be submitting a notice of
intention to undertake a normal course issuer bid to the Toronto
Stock Exchange ("TSX") in connection with the purchase by Callidus
of up to 2,554,564 of its common shares, representing 5% of the
51,091,287 common shares comprising Callidus' total issued and
outstanding common shares as of May 16,
2016. Callidus' current normal course issuer bid
expires on May 18, 2016.
Callidus purchased a total of 2,561,396 common shares under the
current normal course issuer bid at a volume weighted average price
of $13.33.
All common shares purchased by Callidus will be purchased on the
open market through the facilities of the TSX in accordance with
the rules, regulations and policies of the TSX and will be
cancelled. Callidus currently intends to purchase shares
under the bid to a maximum price of $16.50 per share.
The normal course issuer bid remains subject to the approval of
the TSX and will begin on the date that is two trading days after
the TSX's approval and will be open for a maximum period of 12
months. A further press release with additional details of
the normal course issuer bid will be issued upon approval of the
bid by the TSX.
The foregoing measures are consistent with Callidus' previously
announced intention to use its cash resources in the manner that
will provide the maximum benefit to Callidus' continuing
shareholders.
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