Canadian Banc Corp.: Monthly Dividend Declaration for Class A & Preferred Share
October 21 2020 - 4:00PM
Canadian Banc Corp. (The "Company") declares its monthly
distribution of $0.05717 for each Class A share and $0.04167 for
each Preferred share. Distributions are payable November 10, 2020
to shareholders on record as at October 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 October 30, 2020 will receive a dividend
of $0.05717 per share based on the VWAP of $6.86 payable on
November 10, 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
$16.07 per share and Preferred shareholders have received a total
of $8.12 per share inclusive of this distribution, for a combined
total of $24.19.
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) |
$0.05717 |
|
|
Preferred Share (BK.PR.A) |
$0.04167 |
|
|
Ex-Dividend Date: |
October 29, 2020 |
|
|
Record Date: |
October 30, 2020 |
|
|
Payable Date: |
November 10, 2020 |
|
|
Investor Relations: 1-877-478-2372Local:
416-304-4443www.canadianbanc.cominfo@quadravest.com
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