Callidus Capital Corp. (TSX: CBL) is a Toronto, Canada-based company engaged in providing financing solutions for companies that are unable to obtain financing from lending institutions. Callidus operates a finance business that provides senior secured asset-based loans and lending services to mid-market companies operating in Canada and the U.S.
CBL shares have risen sharply in trading today after the company raised its dividend. At last check, CBL shares were trading 3.70% higher at $14 on above average volume of 274,428.
Callidus Capital today announced that its Board of Directors approved an almost 50% increase in regular dividend payable to shareholders. The dividend has been raised from $0.70 per share to $1 per share. Before the dividend hike, CBL offered an attractive yield of 5%.
CBL also announced today that following 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.
