Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share
July 18 2018 - 8:00AM
Canadian Banc Corp. (The "Company") declares its monthly
distribution of $0.10333 for each Class A share and $0.04167 for
each Preferred share. Distributions are payable August 10, 2018 to
shareholders on record as at July 31, 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 July 31, 2018 will receive a dividend of
$0.10333 per share based on the VWAP of $12.40 payable on August
10, 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 $13.95 per share and Preferred shareholders
have received a total of $6.94 per share inclusive of this
distribution, for a combined total of $20.89.
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) |
$0.10333 |
Preferred Share (BK.PR.A) |
$0.04167 |
Ex-Dividend Date: |
July 30, 2018 |
Record Date: |
July 31, 2018 |
Payable Date: |
August 10, 2018 |
Investor Relations: 1-877-478-2372Local:
416-304-4443www.canadianbanc.cominfo@quadravest.com
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