Canadian Banc Corp. Declares Monthly Dividend for Class A Share and Preferred Share
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/18/15 -- Canadian Banc Corp. (the "Company") declares its monthly distribution of $0.11625 for each Class A share and $0.04167 for each Preferred share. Distributions are payable April 10, 2015 to shareholders on record as of March 31, 2015.
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 March 31, 2015 will receive a dividend of $0.11625 per share based on the VWAP of $13.95 over the last 3 trading days in February, payable on April 10, 2015. 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 $8.89 per share and Preferred shareholders have received a total of $5.27 per share inclusive of this distribution, for a combined total of $14.16 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
toll free at 1-877-4-Quadra (1-877-478-2372)
or visit
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Datum: 18.03.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 1345057
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