Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share
February 21 2018 - 8:00AM
Canadian Banc Corp. (The "Company") declares its
monthly distribution of $0.11800 for each Class A share and
$0.04167 for each Preferred share. Distributions are payable March
9, 2018 to shareholders on record as at February 28, 2018.
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 February 28, 2018 will receive a dividend
of $0.11800 per share based on the VWAP of $14.16 payable on March
9, 2018. The yield will remain stable at 10.00% (based on the VWAP)
under this distribution policy.
Preferred shareholders continue to receive prime
plus 0.75% with a minimum rate of 5.00%.
Since inception Class A shareholders have
received a total of $13.41 per share and Preferred shareholders
have received a total of $6.73 per share inclusive of this
distribution, for a combined total of $20.14.
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) |
$0.11800 |
Preferred Share
(BK.PR.A)
|
$0.04167 |
Ex-Dividend
Date: |
February 27, 2018 |
Record
Date: |
February 28, 2018 |
Payable
Date: |
March 9,
2018 |
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.canadianbanc.com
info@quadravest.com
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