Canadian Banc Corp.: Monthly Dividend Declared for Class A and Preferred Share
19 2월 2014 - 11:00PM
Marketwired
Canadian Banc Corp.: Monthly Dividend Declared for Class A and
Preferred Share
TORONTO, ONTARIO--(Marketwired - Feb 19, 2014) - Canadian Banc
Corp. ("the Company") declares its monthly distribution of $0.10342
for each Class A share and $0.04167 for each Preferred share.
Distributions are payable March 10, 2014 to shareholders on record
as of February 28, 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
February 28, 2014 will receive a dividend of $0.10342 per share
based on the VWAP of $12.41 over the last 3 trading days in
January, payable on March 10, 2014. Effectively, the actual amount
of monthly distributions paid will vary with the market price, but
the current 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 $7.43 per share and
Preferred shareholders have received a total of $4.73 per share
inclusive of this distribution, for a combined total of $12.16 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.
Distribution Details: |
Class
A Share (BK) |
$0.10342 |
Preferred Share (BK.PR.A) |
$0.04167 |
Ex-Dividend Date: |
February 26, 2014 |
Record Date: |
February 28, 2014 |
Payable Date: |
March
10, 2014 |
Canadian Banc Corp.Investor Relations416-304-4443 or Toll Free
at 1-877-4-Quadra (1-877-478-2372)www.primerateplus.com
Canadian Banc (TSX:BK.PR.A)
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Canadian Banc (TSX:BK.PR.A)
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