Canadian Banc Corp.: 42% Increase to September Monthly Dividend for Class A Share

(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 09/17/13 -- Canadian Banc Corp. ("the Company") is pleased to announce a change in the distribution policy to the Class A shares that will result in an immediate increase of over 42% to the monthly dividend. The new distribution policy will be targeted to pay at an annual rate of 10%. The Company believes that the new policy will better reflect actual returns on the Company's underlying portfolio.

In making this change, the Manager and the Board have considered the following in their analysis:

Under the new distribution policy, the monthly dividend payable on the Class A shares will be determined by applying a 10% annualized rate on the volume weighted average market price 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, 2013 will receive a dividend of $0.07600 per share based on the average volume weighted trading market price of $9.12 over the last 3 trading days in August, payable on October 10, 2013. Effectively, the actual amount of monthly distributions paid will vary with the market price, but the current yield will remain stable at 10% under this new distribution policy.

There will be no changes to the Preferred Share dividend policy or the Class A dividend threshold policy. Preferred shares will continue to receive prime plus 0.75% with a minimum rate of 5%.





Contacts:
Canadian Banc Corp.
Investor Relations
416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)

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Bereitgestellt von Benutzer: Marketwired
Datum: 17.09.2013 - 19:49 Uhr
Sprache: Deutsch
News-ID 297620
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TORONTO, ONTARIO

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Personal Finance

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