TORONTO — Shares of Callidus Capital Corp. fell more than 30 per cent after the financing company eliminated its dividend.
The company, which specializes in financing for companies that are unable to obtain loans from conventional lenders, says it was cutting the payment to shareholders to help fund loan growth.
Callidus shares were down $1.75 at $3.53 in mid-morning trading on the Toronto Stock Exchange.
The company had been paying a monthly dividend of 10 cents per share.
In announcing the elimination of the dividend, Callidus also said it closed a new loan for approximately $125 million.
It says the deal signals a resumption of growth in its loan portfolio.
Companies in this story: (TSX:CBL)
The Canadian Press