Canadian Banc Corp.: Monthly Dividend Declared for Class A and Preferred Share
May 21 2014 - 9:00AM
Marketwired
Canadian Banc Corp.: Monthly Dividend Declared for Class A and
Preferred Share
TORONTO, ONTARIO--(Marketwired - May 21, 2014) - Canadian Banc
Corp. ("the Company") declares its monthly distribution of $0.10950
for each Class A share and $0.04167 for each Preferred share.
Distributions are payable June 10, 2014 to shareholders on record
as of May 30, 2014.
Under the
distribution policy announced September 17, 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 May
30, 2014 will receive a dividend of $0.10950 per share based on the
VWAP of $13.14 over the last 3 trading days in April, payable on
June 10, 2014. The yield will remain stable at 10% (based on the
VWAP) under this new distribution policy.
There were no
changes to the Preferred Share dividend policy or the Class A
dividend threshold policy. Preferred shares continue to receive
prime plus 0.75% with a minimum rate of 5%.
Since inception
Class A shareholders have received a total of $7.75 per share and
Preferred shareholders have received a total of $4.86 per share
inclusive of this distribution, for a combined total of $12.61 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.
Distribution Details: |
|
Class
A Share (BK) |
$0.10950 |
Preferred Share (BK.PR.A) |
$0.04167 |
Ex-Dividend Date: |
May 28, 2014 |
Record Date: |
May 30, 2014 |
Payable Date: |
June 10, 2014 |
Canadian Banc Corp.Investor Relations416-304-4443Toll Free:
1-877-4-Quadra (1-877-478-2372)www.canadianbanc.com
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