Canadian Banc Corp.: Monthly Dividend Declaration for Class A & Preferred Share
September 18 2020 - 9:00AM
Canadian Banc Corp. (The "Company") declares its monthly
distribution of $0.06192 for each Class A share and $0.04167 for
each Preferred share. Distributions are payable October 9, 2020 to
shareholders on record as at September 30, 2020.
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 30, 2020 will receive a dividend of $0.06192
per share based on the VWAP of $7.43 payable on October 9, 2020.
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
$16.01 per share and Preferred shareholders have received a total
of $8.08 per share inclusive of this distribution, for a combined
total of $24.09.
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) |
$0.06192 |
|
|
Preferred Share (BK.PR.A) |
$0.04167 |
|
|
Ex-Dividend Date: |
September 29, 2020 |
|
|
Record Date: |
September 30, 2020 |
|
|
Payable Date: |
October 9, 2020 |
|
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Investor Relations: 1-877-478-2372Local:
416-304-4443www.canadianbanc.cominfo@quadravest.com
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