Canadian Banc Corp. 60% Increase to Monthly Dividend for Class A Share
November 15 2021 - 9:00AM
Canadian Banc Corp. (“the Company”) is pleased to announce a change
in the distribution policy to the Class A shares (TSX: BK) that
will result in an immediate increase of over 60% to the monthly
dividend from the previous month (was $0.10125 per share). The new
distribution policy will target to pay at an annual rate of 15%.
The dividend increase reflects the strong growth of the portfolio,
expected dividend increases stemming from OSFI reinstatement
pronouncement, and strong option income on the underlying bank
portfolio. The net asset value of the Company has made significant
gains over the past year and as of November 12, 2021, the Class A
share had an intrinsic value of $14.44.
Under the amended distribution policy, the
monthly dividend payable on the Class A shares will be determined
by applying a 15% annualized rate (previously 10%) on the volume
weighted average market price 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 30, 2021, will receive a dividend of $0.16188 per share
based on the volume weighted average market price of $12.95 over
the last 3 trading days in October, payable on December 10,
2021.
Preferred shares will continue to receive prime
plus 1.5% with a minimum annual rate of 5%.
|
Distribution Details: |
|
|
Class A
Share (BK) |
$0.16188 |
|
Preferred
Share (BK.PR.A) |
$0.04167 |
|
Record
Date: |
November 30, 2021 |
|
Payable
Date: |
December 10, 2021 |
For further information, please contact
Investor Relations at info@quadravest.com or at 416-304-4443, toll
free at 1-877-4-Quadra (1-877-478-2372), or visit
www.canadianbanc.com.
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