Canadian Banc Corp.: Dividend Rate Increases Over 100% During Past Year for Class A Share
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 09/18/14 -- Canadian Banc Corp. ("the Company") declares its monthly distribution of $0.11608 for each Class A share and $0.04167 for each Preferred share. Distributions are payable October 10, 2014 to shareholders on record as of September 30, 2014.
Since the Company implemented a change in its distribution policy in September 2013, the distribution to Class A shareholders has increased more than 100%. 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 September 30, 2014 will receive a dividend of $0.11608 per share based on the VWAP of $13.93 over the last 3 trading days in August, payable on October 10, 2014. The yield will remain stable at 10% (based on the VWAP) under this distribution policy.
Preferred shareholders continue to receive prime plus 0.75% with a minimum rate of 5%.
Since inception Class A shareholders have received a total of $8.20 per share and Preferred shareholders have received a total of $5.02 per share inclusive of this distribution, for a combined total of $13.22 per unit.
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 will engage in a selective covered call writing program.
Contacts:
Canadian Banc Corp.
Investor Relations
416-304-4443 or toll free at 1-877-4-Quadra (1-877-478-2372)
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Datum: 18.09.2014 - 07:00 Uhr
Sprache: Deutsch
News-ID 1303683
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