Monthly Dividend Declaration for Class A & Preferred Share
22 May 2020 - 11:00PM
Canadian Banc Corp. (The "Company") declares its monthly
distribution of $0.05617 for each Class A share and $0.04167 for
each Preferred share. Distributions are payable June 10, 2020 to
shareholders on record as at May 29, 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 May 29, 2020 will receive a dividend of
$0.05617 per share based on the VWAP of $6.74 payable on June 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 $15.79 per share and Preferred shareholders
have received a total of $7.91 per share inclusive of this
distribution, for a combined total of $23.70.
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) |
$0.05617 |
|
|
Preferred Share (BK.PR.A) |
$0.04167 |
|
|
Ex-Dividend Date: |
May
28, 2020 |
|
|
Record Date: |
May
29, 2020 |
|
|
Payable Date: |
June 10, 2020 |
|
|
Investor Relations:
1-877-478-2372 Local:
416-304-4443
www.canadianbanc.com info@quadravest.com
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