Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share
January 20 2020 - 8:00AM
Canadian Banc Corp. (The "Company") declares its monthly
distribution of $0.08458 for each Class A share and $0.04542 for
each Preferred share. Distributions are payable February 10, 2020
to shareholders on record as at January 31, 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 January 31, 2020 will receive a dividend
of $0.08458 per share based on the VWAP of $10.15 payable on
February 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 $15.59 per share and Preferred shareholders
have received a total of $7.74 per share inclusive of this
distribution, for a combined total of $23.33.
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) |
$0.08458 |
Preferred Share
(BK.PR.A) |
$0.04542 |
Ex-Dividend
Date: |
January 30, 2020 |
Record
Date: |
January 31, 2020 |
Payable Date: |
February 10, 2020 |
Investor Relations: 1-877-478-2372Local:
416-304-4443www.canadianbanc.cominfo@quadravest.com
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