Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share
September 19 2018 - 9:00AM
Canadian Banc Corp. (The "Company") declares its monthly
distribution of $0.10692 for each Class A share and $0.04167 for
each Preferred share. Distributions are payable October 10, 2018 to
shareholders on record as at September 28, 2018.
Under the distribution policy announced in
September 2013, the monthly dividend payable on the Class A shares
is determined by applying a 10% annualized rate on the volume
weighted average market price (VWAP) of the Class A shares over the
last 3 trading days of the preceding month. As a result, Class A
shareholders of record on September 28, 2018 will receive a
dividend of $0.10692 per share based on the VWAP of $12.83 payable
on October 10, 2018. The yield will remain stable at 10.00% (based
on the VWAP) under this distribution policy.
Preferred shareholders continue to receive prime
plus 0.75% with a minimum rate of 5.00%.
Since inception Class A shareholders have received a total of
$14.16 per share and Preferred shareholders have received a total
of $7.02 per share inclusive of this distribution, for a combined
total of $21.18.
The Company invests in a portfolio of six
publicly traded Canadian Banks as follows: Bank of Montreal,
Canadian Imperial Bank of Commerce, National Bank of Canada, Royal
Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares
held within the portfolio are expected to range between 5-20% in
weight but may vary at any time. To generate additional returns
above the dividend income earned on the portfolio, The Company
engages in a selective covered call writing program.
Distribution Details |
|
|
|
Class A Share
(BK) |
$0.10692 |
Preferred Share
(BK.PR.A) |
$0.04167 |
Ex-Dividend
Date: |
September 27, 2018 |
Record
Date: |
September 28, 2018 |
Payable
Date: |
October 10, 2018 |
Investor Relations: 1-877-478-2372Local:
416-304-4443www.canadianbanc.com info@quadravest.com
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