Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share
November 20 2019 - 9:00AM
Canadian Banc Corp. (The "Company")
declares its monthly distribution of $0.08642 for each Class A
share and $0.04542 for each Preferred share.
Distributions are payable December 10, 2019 to shareholders on
record as at November 29, 2019.
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 November 29, 2019 will receive a dividend
of $0.08642 per share based on the VWAP of $10.37 payable on
December 10, 2019. The yield will remain stable at 10.00% (based on
the VWAP) under this distribution policy.
Preferred shareholders will receive prime plus
1.50% with a minimum rate of 5.00%.
Since inception Class A shareholders have received a total of
$15.42 per share and Preferred shareholders have received a total
of $7.65 per share inclusive of this distribution, for a combined
total of $23.07.
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) |
$0.08642 |
Preferred Share (BK.PR.A) |
$0.04542 |
Ex-Dividend Date: |
November 28, 2019 |
Record Date: |
November 29, 2019 |
Payable
Date: |
December 10, 2019 |
Investor Relations:
1-877-478-2372
Local:
416-304-4443
www.canadianbanc.com
info@quadravest.com
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